Macau’s concessionaires should all enjoy a significant boost to profits in the September 2023 quarter, with EBITDA tipped to reach 80% of pre-COVID levels for most and 120% for the resurgent MGM China.
Releasing its latest 3Q23 estimates this week, investment bank Morgan Stanley said the improved profitability would be a factor of ever-increasing gross gaming revenues – particularly in the mass sector – and slowing incremental growth in operating expense as more hotel rooms come into operation.
Claiming that industry-wide GGR would grow by 12% and EBITDA by 17% quarter-on-quarter in 3Q23, analysts Praveen Choudhary and Gareth Leung added that corporate EBITDA would reach 80% of pre-COVID levels for all except MGM, up from 65% in Q2.
