{"id":777002613,"date":"2023-02-21T08:50:28","date_gmt":"2023-02-21T11:50:28","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777002613"},"modified":"2026-04-23T00:28:21","modified_gmt":"2026-04-23T03:28:21","slug":"morgan-stanley-ups-macau-2023-ebitda-forecasts-by-70","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/morgan-stanley-ups-macau-2023-ebitda-forecasts-by-70","title":{"rendered":"Morgan Stanley ups Macau 2023 EBITDA forecasts by 70%"},"content":{"rendered":"\n

The group has revised its EBITDA estimations for all six of Macau’s gaming operators due to signs of market recovery.<\/p>\n\n\n\n\n\n\n\n

Macau.- Morgan Stanley has raised its 2023 forecasts for Macau casino operators’ earnings before interest, tax, depreciation and amortization (EBITDA). Amid signs of a market recovery<\/a>, it’s upped its forecasts by an average of 70 per cent.<\/p>\n\n\n\n

Its estimate for 2023 EBITDA is above the market consensus average for all operators except Wynn Macau Ltd <\/strong>whose EBITDA it expects to come in at US$3.51bn, 16.9 per cent below the market average estimate. It expects MGM China Holdings’ EBITDA<\/strong> to be close to US$3.18bn, 15 per cent higher than the consensus. <\/p>\n\n\n\n

It forecasts Melco Resorts and Entertainment Ltd<\/strong> at US$1.01bn, 30.5 per cent higher than the market-mean assessment and Sands China Limited <\/strong>at US$1.97bn, 39.7 per cent higher than the consensus. Galaxy Entertainment Group <\/strong>at US$11.93bn, 31.2 per cent above consensus, and SJM Holdings Ltd <\/strong>at US$3.44bn, 110.2 per cent above the expected market average.<\/p>\n\n\n\n

Morgan Stanley noted that Macau operators currently have an average net debt-to-EBITDA ratio of 2.4 times and equity of about 8.5 times EBITDA. <\/p>\n\n\n\n

See also: <\/strong>Sands China takes lead in Macau premium mass gambling segment<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The group has revised its EBITDA estimations for all six of Macau’s gaming operators due to signs of market recovery.<\/p>\n","protected":false},"author":176,"featured_media":32939,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Morgan Stanley has significantly raised its 2023 EBITDA forecasts for Macau's six gaming operators, citing strong signs of market recovery. The revised estimates, averaging a 70% increase, position most operators above market consensus, with notable uplifts for MGM China, Melco Resorts, Sands China, Galaxy Entertainment, and SJM Holdings, while Wynn Macau's forecast remains below consensus. The analysis also highlights current net debt-to-EBITDA ratios across the sector.","focusai_entities":"Morgan Stanley, Wynn Macau Ltd, MGM China Holdings, Melco Resorts and Entertainment Ltd, Sands China Limited, Galaxy Entertainment Group, SJM Holdings Ltd","focusai_location":"Macau","focusai_target_profile":"ceo_executive (1.0), operator_casino (1.0), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (1.0)","focusai_suggestions":[{"label":"EBITDA Impact on Capital Allocation?","query":"How do these significantly revised EBITDA forecasts influence the capital expenditure plans, debt reduction strategies, and potential dividend policies of Macau's gaming operators?"},{"label":"Market Recovery Drivers?","query":"What specific qualitative and quantitative market recovery indicators, particularly within the premium mass and VIP segments, underpinned Morgan Stanley's substantial upward revision of EBITDA forecasts?"}],"footnotes":""},"categories":[157,16338],"tags":[22935,23906,23970,1618,21680,23108,20777],"class_list":["post-777002613","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-east-asia-news","tag-galaxy-entertainment","tag-macau-casinos","tag-melco-resorts-entertainment","tag-mgm-china","tag-sands-china","tag-sjm-holdings","tag-wynn-macau"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777002613","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777002613"}],"version-history":[{"count":4,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777002613\/revisions"}],"predecessor-version":[{"id":777002623,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777002613\/revisions\/777002623"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/32939"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777002613"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777002613"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777002613"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}