The industry wide debt of Macau’s six casino concessionaires is estimated to have reached US$24 billion as of 30 September 2022, further impacted by another loss-making quarter on the back of China’s strict COVID-prevention measures, according to Morgan Stanley.

With earnings release season set to start again later this month, the investment bank said in a 3Q22 preview note this week that it expects concessionaires to report a combined corporate EBITDA loss of US$603 million for the quarter – the lowest since Individual Visit Scheme resumption in September 2020 – with US$1.5 billion in cash burn.