• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Tuesday 23 September 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
  • 日本語
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
  • 日本語
No Result
View All Result
IAG
No Result
View All Result

NagaCorp, Wynn Macau seen having greatest regional exposure to junket risks

Ben Blaschke by Ben Blaschke
Wed 1 Dec 2021 at 05:58
72
SHARES
1.8k
VIEWS
Print Friendly, PDF & Email

Cambodian casino operator NagaCorp and high-end-focused Macau concessionaire Wynn Macau Ltd are the two regional operators most exposed to the VIP segment, and therefore most at risk from China’s crackdown on cross-border gambling, according to Morgan Stanley analysts.

The issue was brought back into heavy focus this week following the arrest and imprisonment for trial of Suncity Group CEO Alvin Chau, who Macau authorities have accused of alleged criminal association, illegal gambling, money laundering. Suncity closed all of its Macau VIP rooms on Tuesday night.

In a note, Morgan Stanley’s Praveen Choudhary, Gareth Leung and Thomas Allen said NagaCorp, operator of NagaWorld in Phnom Penh, had the highest EBITDA exposure to the VIP segment within its coverage at 45% in 2019, of which 25% is estimated to come from Chinese VIPs

“This was the result of Naga’s high revenue exposure to VIP (72% of GGR) and higher margin (24%), reflecting lower tax rates and opex,” they wrote.

Less exposed are Macau’s operators, with the exception of Wynn Macau for which VIP is is estimated to have contributed 21% of Property EBITDA in 2019. The majority of that came from Chinese visitors.

By comparison, VIP is estimated to have comprised 13% of Galaxy Entertainment Group’s 2019 EBITDA and 10% of Melco Resorts’ EBITDA, while Sands China had the lowest exposure at just 6% in 2019.

In the Philippines, Bloomberry Resorts Corp Solaire Resort & Casino and Melco’s City of Dreams Manila attributed 17% and 10% of 2019 EBITDA respectively to VIP although only 10% and 7% came from China due to strong local demand.

And in Singapore, which does not allow junkets, only 7% to 8% of Property EBITDA comes from the VIP segment of which only half is from Chinese VIP customers.

“VIP exposure to EBITDA is not big for most of the operators (except Naga and Wynn Macau),” the analysts said.

“However, the risk of further regulation in China is adding another layer of uncertainty on top of travel restrictions because of COVID. Macau has another uncertainty related to licence renewal process. We see consensus earnings estimates at risk.”

RelatedPosts

SJM Resorts announces “salary increment” for 99% of staff

Moody’s lowers outlook for Macau’s SJM Holdings to negative on elevated leverage, satellite casino uncertainty

Tue 23 Sep 2025 at 04:41
Macau updates super typhoon Ragasa policy with all casinos to close once No. 8 typhoon signal is hoisted

Macau updates super typhoon Ragasa policy with all casinos to close once No. 8 typhoon signal is hoisted

Tue 23 Sep 2025 at 04:32
A New Macau

Macau court dismisses LT Game patent claims against Light & Wonder subsidiaries as infamous 13-year legal dispute nears conclusion

Mon 22 Sep 2025 at 18:22
Macau government prepares to order closure of all casinos as super typhoon Ragasa approaches

Macau government prepares to order closure of all casinos as super typhoon Ragasa approaches

Mon 22 Sep 2025 at 15:44
Load More
Tags: CambodiaMacauMorgan StanleyNagaCorpVIPWynn Macau
Share29Share5
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – Flipping the script

Editorial – Flipping the script

by Ben Blaschke
Thu 28 Aug 2025 at 12:30

This month represents an important milestone for Inside Asian Gaming as we launch IAG EXPO – an expansion of the...

Asia market roundup

Asia market roundup

by Ben Blaschke
Thu 28 Aug 2025 at 12:26

Inside Asian Gaming takes a deep dive into the state of Asia-Pacific’s key gaming markets: who’s hot, who’s not and...

Rewriting the rules

Rewriting the rules

by Newsdesk
Thu 28 Aug 2025 at 11:43

IAG EXPO, taking place at Newport World Resorts from 8 to 10 September, is not your usual trade show. IAG...

Test of character

Test of character

by Newsdesk
Thu 28 Aug 2025 at 11:28

Since its establishment in 1989, Gaming Laboratories International (GLI) has developed into the world’s most trusted name when it comes...

Evolution Asia
Evolution Asia
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
NWR
NWR

Related Posts

IAG EXPO: Interview with NUSTAR’s Sean Knights

IAG EXPO: Interview with NUSTAR’s Sean Knights

by Newsdesk
Tue 23 Sep 2025 at 10:01

Sean Knights, COO of Cebu’s NUSTAR Resort and Casino, reflects on the 2025 IAG Academy IR Awards where many people he has and does work with were honored. Sean also provides some insights into latest developments at NUSTAR, including its...

Zitro’s Goddess Saga

Zitro’s Goddess Saga

by Newsdesk
Tue 23 Sep 2025 at 07:40

CLIENT PROMOTION Across distant lands and ancient times, three goddesses hold the keys to fortune – one from the rich culture of Persia, the other from the world of the Vikings and the Hathor from ancient Egypt. Their stories come...

Melco targeting Indian market with Sri Lanka casino investment, flags annual GGR up to US$250 million

JCM Global says iVIZION bill validator, ICB system installed on all gaming machines at City of Dreams Sri Lanka

by Newsdesk
Tue 23 Sep 2025 at 05:47

Automated transaction and payment solutions company JCM Global has revealed that its products have been installed in all electronic casino games at Melco’s recently opened City of Dreams Sri Lanka casino. Specifically, the company’s iVIZION bill validator and ICB system...

Global Gaming Women and CDC Gaming unveil this year’s 10 Women Rising in Gaming

Global Gaming Women and CDC Gaming unveil this year’s 10 Women Rising in Gaming

by Newsdesk
Tue 23 Sep 2025 at 05:32

Global Gaming Women (GGW) and IAG’s sister company CDC Gaming have unveiled their 10 Women Rising in Gaming honorees for 2025, recognizing the accomplishments of women who have long worked in the gaming industry. To be officially honored at a...

Your browser does not support the video tag.


IAG

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE
  • 中文
  • 日本語

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • 中文
  • 日本語
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • 中文
  • English
  • 日本語