Citi has lowered its forecast for Macau's April gambling revenue to MOP 20 billion.

Citi issued a research report indicating that industry data shows Macau's gaming revenue for the first 19 days of April may have reached approximately MOP 12.4 billion (hereinafter the same), implying average daily gaming revenue of about MOP 636 million over the past week, which is approximately 1% higher than the previous week. The bank believes that one of the reasons for the weak gaming revenue could be that the win rate in VIP rooms has been significantly lower than normal levels. Consequently, Citi has revised its April gaming revenue forecast downward from MOP 20.5 billion to MOP 20 billion, meaning that average daily gaming revenue for the remainder of the month would need to reach around MOP 691 million. The bank expects that the Weibo International Entertainment Awards, to be held at the Galaxy Arena, could potentially alleviate any weakness in gaming revenue ahead of the Labor Day Golden Week.

AASTOCKS10:55

Macau's hotel industry is optimistic about the visitor volume during the Labor Day holiday and hopes to offset fuel cost increases through internal efficiency improvements.

According to reports by the Macao Daily, with the upcoming May Day Golden Week, Zhang Jianzhong, President of the Macao Hotel and Tourism Association, expressed that the enthusiasm for mainland travelers during May Day is expected to continue rising, and he is confident about the number of visitors to Macao. The sharp increase in international oil prices has somewhat affected the operating costs of the hotel industry, but efforts are being made to enhance efficiency through internal optimization to absorb part of the additional costs, ensuring travelers receive better value-for-money experiences. The industry remains optimistic and confident about the visitor volume during May Day. A foreseeable trend in hotel room bookings has emerged, including the growing popularity of electronic reservations. Many travelers choose to confirm their itineraries closer to the holiday, so the growth in hotel room reservations will be concentrated just before the holiday.

AASTOCKS10:19

Melco International (MDEVF) Gets a Buy From CICC

TipRanksApr 19 14:45 · Ratings

Melco International Development (00200.HK): Properties in Sri Lanka and Cyprus continue to ramp up and increase volume.

Investment advice: Considering that market concerns over Melco Resorts & Entertainment's additional trademark licensing fee payment to Melco International Development have been absorbed, we have upgraded the rating of Melco Resorts & Entertainment (MLCO.US) to Outperform Industry and maintained the target price at $8.20.

CICCApr 18 13:36

Macau's gambling revenue in the first quarter increased by 14% year-on-year.

The Gaming Inspection and Coordination Bureau of Macao released the latest quarterly data, showing that gaming revenue in the first quarter of this year reached MOP 65.873 billion (hereinafter the same), representing a year-on-year increase of 14.25% and a quarter-on-quarter slight decline of 0.28%. Among this, VIP gaming revenue in the first quarter of this year amounted to MOP 19.575 billion, increasing by 35.4% year-on-year but decreasing by 3.63% quarter-on-quarter. VIP gaming accounted for 29.71% of total gaming revenue within the quarter, up by 4.64 percentage points compared to 25.07% in the first quarter of last year.

AASTOCKSApr 17 09:58

Macquarie has lowered its EBITDA forecast for Macau gaming stocks in the first quarter, citing ongoing competition as a continued drag on profit margins.

Macquarie issued a report revising downward its EBITDA forecasts for Macau’s six major casino operators in the first quarter of this year by 3.5%, reflecting lower win rates in February and margin pressures. The year-on-year growth is expected to be 6%, implying operational deleveraging relative to the 15% year-on-year increase in Gross Gaming Revenue (GGR). Industry data shows that the average daily GGR for the week ending April 11 was MOP 663 million (hereinafter the same), up 8% year-on-year but down 3% week-on-week, primarily due to lower-than-normal win rates. Assuming an average daily GGR of MOP 680 million to 730 million for the remainder of the month, April’s GGR will reach MOP 20.2 billion to 21.1 billion.

AASTOCKSApr 14 16:15