{"id":777014499,"date":"2024-04-05T08:25:47","date_gmt":"2024-04-05T11:25:47","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777014499"},"modified":"2026-04-22T11:25:59","modified_gmt":"2026-04-22T14:25:59","slug":"macau-casino-ebitda-up-5-in-q1-analysts-say","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/macau-casino-ebitda-up-5-in-q1-analysts-say","title":{"rendered":"Macau casino EBITDA up 5% in Q1, analysts say"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Morgan Stanley expects first-quarter EBITDA to be just under US$1.95bn.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p class=\"wp-block-paragraph\">Macau.- Analysts at\u00a0<strong>Morgan Stanley<\/strong>\u00a0expect the six gaming operators in Macau to report US$1.95bn in industry corporate earnings before interest, taxes, depreciation, and amortization (EBITDA) for the first quarter of 2024. That would represent a\u00a05 per cent rise from the previous quarter (US$1.85bn) and 81 per cent of 2019 levels.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Analysts<strong> Praveen Choudhary<\/strong>, <strong>Gareth Leung<\/strong>, and <strong>Stephen Grambling<\/strong> noted that such EBITDA growth would be below first-quarter gross gaming revenue (GGR) growth of six per cent quarter-on-quarter.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/focusgn.com\/asia-pacific\/macau-ggr-up-53-1-in-march\" target=\"_blank\" rel=\"noreferrer noopener\">Macau\u2019s GGR for March<\/a>&nbsp;was&nbsp;<strong>MOP19.50bn (US$2.42bn)<\/strong>, an increase of 5.5 per cent&nbsp;<a href=\"https:\/\/focusgn.com\/asia-pacific\/macau-ggr-up-79-1-in-february\" target=\"_blank\" rel=\"noreferrer noopener\">month-on-month<\/a>&nbsp;and 53.1 per cent when compared to March 2023. Cumulatively, Macau\u2019s GGR for the first three months of 2024 was MOP$57.3bn (US$7.11bn), up 65.5 per cent year-on-year and implying a full-year run rate of around MOP$229.2bn (US$28.4bn).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Analysts predicted that the operating leverage benefits for this quarter will be smaller due to wage increases and some companies increasing promotions to attract customers. They also believe that grind mass could have recovered better this quarter.\u00a0They expect industry property EBITDA figure could increase 6 per cent sequentially to around US$2.10bn.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In terms of individual operators, Morgan Stanley expects<strong> MGM China<\/strong> and<strong> Wynn Macau<\/strong> to beat consensus expectations. <a href=\"https:\/\/focusgn.com\/asia-pacific\/sjm-posts-net-gaming-revenue-of-us2-5bn-for-2023\" target=\"_blank\" rel=\"noreferrer noopener\">SJM Holdings<\/a> is predicted to benefit from better EBITDA growth driven by Grand Lisboa Palace.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Morgan Stanley expects first-quarter EBITDA to be just under US$1.95bn.<\/p>\n","protected":false},"author":176,"featured_media":0,"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 six gaming operators to report US$1.95bn in Q1 2024 industry EBITDA, a 5% sequential increase but below GGR growth. While GGR for Q1 reached US$7.11bn, EBITDA growth is tempered by wage increases and promotional activities, impacting operating leverage. MGM China, Wynn Macau, and SJM Holdings are highlighted for their individual performance outlooks.","focusai_entities":"Morgan Stanley, MGM China, Wynn Macau, SJM Holdings, Praveen Choudhary, Gareth Leung, Stephen Grambling, Grand Lisboa Palace","focusai_location":"Macau","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), operator_casino (1.0), marketing_crm (0.7), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"EBITDA vs GGR Discrepancy","query":"What specific operational cost pressures, beyond wage increases and promotions, are contributing to the observed divergence between GGR growth and EBITDA growth for Macau operators in Q1 2024?"},{"label":"Grind Mass Recovery Outlook","query":"Given the analyst's belief that grind mass could have recovered better, what are the underlying factors hindering its full recovery, and what strategies are operators deploying to re-engage this crucial segment?"}],"footnotes":""},"categories":[16338,163],"tags":[23906],"class_list":["post-777014499","post","type-post","status-publish","format-standard","hentry","category-east-asia-news","category-finance-news","tag-macau-casinos"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777014499","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=777014499"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777014499\/revisions"}],"predecessor-version":[{"id":777014522,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777014499\/revisions\/777014522"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777014499"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777014499"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777014499"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}