Investment bank Morgan Stanley has raised its Macau GGR and EBITDA growth forecasts for 2025, and operator price targets by 30% across the board, following two consecutive monthly beats in June and July.
In a Monday note, Morgan Stanley analysts Praveen Choudhary, Anson Lee and Stephen Grambling said they now expect Macau market GGR to grow by 10% year-on-year in 2025 – up from their earlier 5% forecast – and EBITDA by 6%, up from 2%.
This comes after Macau’s Gaming Inspection and Coordination Bureau (DICJ) on Friday announced that gaming revenues had grown by 19% year-on-year to MOP$22.13 billion (US$2.73 billion) in July, mirroring the 19% growth achieved in June. Neither month had been anticipated at such strong levels.
