Macau Golden Week on line casino income disappoints

Macau casinos adopted up a weak Q3 with solely incremental enchancment throughout the Golden Week nationwide vacation in China that began off This autumn.

Macau noticed a day by day common of 26K arrivals for a complete Golden Week tally of 182,152 customer arrivals, in line with Financial institution of America analyst Billy Ng. That stage was solely about 19% of the visitors seen within the pre-pandemic Golden Week vacation in 2019. Common resort occupancy reached 80.6% vs. 48.1% in 2021 and RevPAR was up 24% from a yr in the past. Mass quantity was estimated to be about 20% larger than the Might vacation. Whole gross gaming income is seen being reported at about 20% to 30% of the pre-pandemic stage for Golden Week this yr.

Heading into earnings season, Financial institution of America famous Q3 was a disappointment for Macau operators with gross gaming income -35% Q/Q, -70% Y/Y and -92% vs. 2019. The agency lowered EBITDAR expectations for the quarter on Las Vegas Sands (LVS), MGM Resorts (MGM), and Wynn Resorts (WYNN). Nonetheless, the agency thinks LVS, MGM, and WYNN might be EBITDAR constructive in This autumn given easing journey restrictions set to take impact.

Macau on line casino shares: Melco Resorts & Leisure (NASDAQ:MLCO), Wynn Macau (OTCPK:WYNMF) (OTCPK:WYNMY), Sands China (OTCPK:SCHYY) (OTCPK:SCHYF), MGM China (OTCPK:MCHVF) (OTCPK:MCHVY), Galaxy Leisure (OTCPK:GXYEF), SJM Holdings (OTCPK:SJMHF) (OTCPK:SJMHY), and Studio Metropolis Worldwide (MSC).