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<Research>UBS: Watch for Casinos' May Golden Wk Performance, Competition to Gauge Demand & Margin Sustainability
Recommend 25 Positive 42 Negative 20 |
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Casinos will release their 1Q24 results successively this week, beginning with SANDS CHINA LTD (01928.HK), UBS released a research report saying. Overall Macau GGR amounted to MOP57.3 billion, equivalent to 75% of the 1Q19 level, according to the data from the Gaming Inspection and Coordination Bureau (DICJ). It is expected that mass GGR will record a 3% QoQ increase from 111% in 1Q19, while VIP GGR will rise by 27% QoQ, which will lead to a 2% QoQ incline in the industry's EBITDA. The report expected SJM HOLDINGS (00880.HK) to post the best EBITDA growth among its peers due to Grand Lisboa Palace, followed by MGM CHINA (02282.HK), benefiting from a continued rise in market share among premium mass segment in 1Q24. In addition, UBS also expected SANDS CHINA LTD and GALAXY ENT (00027.HK) to lose market share, while WYNN MACAU (01128.HK) and MELCO INT'L DEV (00200.HK) will remain stable. According to the report, the market will concern on commentary about the May Golden Week and industry performance to gauge demand and margin sustainability. AAStocks Financial News |
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