{"id":777004243,"date":"2023-04-12T14:16:43","date_gmt":"2023-04-12T17:16:43","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777004243"},"modified":"2026-04-22T22:55:23","modified_gmt":"2026-04-23T01:55:23","slug":"analysts-increase-q1-earnings-forecasts-for-macau-casino-operators","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/analysts-increase-q1-earnings-forecasts-for-macau-casino-operators","title":{"rendered":"Analysts increase Q1 earnings forecasts for Macau casino operators"},"content":{"rendered":"\n<p>JP Morgan and CBRE Securities have upped their forecasts for  Sands China, MGM China and Wynn Macau.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>Macau.- Two brokerages have raised their forecasts for <strong>Macau casino operators<\/strong>&#8216; first-quarter earnings before interest, taxes, depreciation and amortisation (EBITDA). John DeCree and Max Marsh of <strong>CBRE Securities<\/strong> have upped their estimate for Sands China, MGM China and Wynn Macau by 11.6 per cent to US$480.9m.<\/p>\n\n\n\n<p>In a separate note, <strong>JP Morgan Securities <\/strong>increased its first-quarter net revenue, property-level EBITDA and EBITDA margin forecasts for MGM China Holdings to US$407m, US$63m, and 15.5 per cent respectively, up from US$321m, US$40m, and 12.5 per cent previously.\u00a0<\/p>\n\n\n\n<p>Non-gaming revenues have also shown similar strength. JP Morgan estimated that MGM China\u2019s second-quarter revenue, EBITDA, and margins would be US$452m, US$72m and 15.9 per cent, based on a slight improvement in mass gross gaming revenue to 70 per cent of 2019 levels.\u00a0<\/p>\n\n\n\n<p>Analysts expect<strong> mass GGR to recover to 85 per cent of 2019 levels <\/strong>in the fourth-quarter of 2023 and 95 per cent in 2024.\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/focusgn.com\/asia-pacific\/macau-ggr-up-247\" target=\"_blank\">Macau\u2019s first-quarter gross gaming revenue<\/a>\u00a0rose 94.9 per cent on year-on-year terms to US$4.28bn, according to the Macau government.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>JP Morgan and CBRE Securities have upped their forecasts for Sands China, MGM China and Wynn Macau.<\/p>\n","protected":false},"author":176,"featured_media":32940,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Brokerages JP Morgan and CBRE Securities have elevated Q1 EBITDA forecasts for key Macau casino operators, including Sands China, MGM China, and Wynn Macau, citing robust performance and non-gaming revenue strength. These revised projections anticipate a significant recovery in mass Gross Gaming Revenue (GGR) for Macau, with expectations to reach 85% of 2019 levels by Q4 2023 and 95% in 2024, following a 94.9% year-on-year GGR increase in Q1.","focusai_entities":"JP Morgan, CBRE Securities, Sands China, MGM China, Wynn Macau, John DeCree, Max Marsh, JP Morgan Securities, MGM China Holdings, Macau government","focusai_location":"Macau","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), operator_casino (0.95), investor_analyst (1.0), supplier_vendor (0.75), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Macau GGR Recovery","query":"What specific macro-economic factors and policy shifts are underpinning the accelerated mass GGR recovery projections for Macau, and how sustainable are these trends given potential geopolitical or public health contingencies?"},{"label":"Non-Gaming Revenue Impact","query":"To what extent are the increased non-gaming revenues contributing to the enhanced EBITDA forecasts, and what strategic initiatives are operators implementing to diversify revenue streams beyond traditional gaming in Macau?"}],"footnotes":""},"categories":[157,16338],"tags":[23906],"class_list":["post-777004243","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-east-asia-news","tag-macau-casinos"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777004243","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=777004243"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777004243\/revisions"}],"predecessor-version":[{"id":777004258,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777004243\/revisions\/777004258"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/32940"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777004243"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777004243"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777004243"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}