{"id":777003330,"date":"2023-03-15T14:01:24","date_gmt":"2023-03-15T17:01:24","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777003330"},"modified":"2026-04-22T23:46:00","modified_gmt":"2026-04-23T02:46:00","slug":"macau-mass-market-gaming-revenue-expected-to-be-up-200-for-q1","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/macau-mass-market-gaming-revenue-expected-to-be-up-200-for-q1","title":{"rendered":"Macau mass market gaming revenue expected to be up 200% for Q1"},"content":{"rendered":"\n

Morgan Stanley expects MGM China and Wynn Macau to lead rivals as mass market share gainers.<\/p>\n\n\n\n\n\n\n\n

Macau.- Morgan Stanley<\/strong> has predicted that Macau’s mass market gaming revenue will increase by 200 per cent quarter-on-quarter to US$3.4bn (MOP27.5bn) in the first quarter of 2023. Revenue will represent 63 per cent of pre-pandemic levels<\/strong> and should lead to positive earnings before interest taxes depreciation and amortization (EBITDA) and free cash flow to equity (FCFE). <\/p>\n\n\n\n

It believes that of Macau’s six gaming operators, MGM China and Wynn Macau will gain the largest share of the market. The former has 200 more gaming tables and the latter has reported a 15 per cent gross gaming revenue market share.<\/p>\n\n\n\n

According to analysts, Galaxy Entertainment Group should have the highest EBITDA recovery<\/strong> rate at 50 per cent of pre-pandemic levels, mainly due to its better cost controls and non-gaming segments. All of Macau’s gaming operators, except for Melco and SJM, are expected to generate positive FCFE in the first quarter of 2023.<\/p>\n\n\n\n

Analysts also pointed out that Wynn Macau’s decision to issue US$600m in convertible bonds<\/a> may prompt other operators to follow suit, as they prioritise non-gaming capital expenditure and benefit from higher interest rates and bond yields. The bonds are due in 2029 and the company anticipates net proceeds of approximately US$586m after deducting commissions and expenses.<\/p>\n\n\n\n

In the fourth quarter of the year 2022<\/a>, Galaxy Entertainment, Melco Resorts and Entertainment, MGM China Holdings, and Wynn Macau gained market share<\/strong> in terms of gross gaming revenue (GGR).<\/p>\n","protected":false},"excerpt":{"rendered":"

Morgan Stanley expects MGM China and Wynn Macau to lead rivals as mass market share gainers.<\/p>\n","protected":false},"author":176,"featured_media":20864,"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 forecasts Macau's Q1 2023 mass market GGR to surge 200% QoQ to US$3.4bn, reaching 63% of pre-pandemic levels, driving positive EBITDA and FCFE for most operators. MGM China and Wynn Macau are projected to lead market share gains, while Galaxy Entertainment Group is expected to achieve the highest EBITDA recovery. Wynn Macau's US$600m convertible bond issuance for non-gaming capex may set a precedent for other operators.","focusai_entities":"Morgan Stanley, MGM China, Wynn Macau, Galaxy Entertainment Group, Melco, SJM, Melco Resorts and Entertainment, MGM China Holdings","focusai_location":"Macau","focusai_target_profile":"ceo_executive (0.95), regulator (0.7), operator_casino (1.0), investor_analyst (1.0), supplier_vendor (0.75), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Macau GGR Outlook","query":"What specific factors beyond the 200% QoQ increase are driving Morgan Stanley's confidence in Macau's mass market GGR reaching 63% of pre-pandemic levels, and what are the key risks to this forecast?"},{"label":"Operator Capital Strategy","query":"How might Wynn Macau's convertible bond issuance for non-gaming capital expenditure influence the capital allocation strategies and debt structures of other Macau concessionaires, particularly those with lower FCFE projections?"}],"footnotes":""},"categories":[157,16338],"tags":[23907,23906],"class_list":["post-777003330","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-east-asia-news","tag-land-based-casino","tag-macau-casinos"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777003330","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=777003330"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777003330\/revisions"}],"predecessor-version":[{"id":777003360,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777003330\/revisions\/777003360"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/20864"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777003330"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777003330"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777003330"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}