• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Tuesday 26 August 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

CBRE resumes global gaming coverage, wary on Macau

Ben Blaschke by Ben Blaschke
Wed 8 Dec 2021 at 03:46
IAG Spot Count: Macau satellite and 2nd tier casinos keep chugging along
32
SHARES
793
VIEWS
Print Friendly, PDF & Email

CBRE Equity Research has warned against short-term investment in Macau-facing operators, with the exception of Wynn Resorts, after resuming equity research coverage of the large cap global gaming sector this week.

The resumption follows CBRE’s acquisition of Union Gaming in June and will see the new CBRE Equity Research provide initial coverage of Caesars Entertainment, Gaming and Leisure Properties, Las Vegas Sands, MGM Resorts, Penn National Gaming, VICI Properties, Wynn Resorts, DraftKings, Entain PLC and Flutter Entertainment.

In a lengthy industry overview to kick off CBRE’s coverage, Senior Analyst John DeCree cited multiple opportunities to get involved in the sector at attractive levels for those companies targeting the US domestic casino and online gaming markets but warned against investment in Macau given considerable uncertainty around the re-tendering of concessions, the reopening of borders and most pressingly China’s crackdown on cross-border gambling and headwinds facing the junket industry following last week’s arrest of Suncity Group CEO Alvin Chau.

“Given these notable headwinds, we remain guarded on the near-term outlook in Macau,” DeCree said.

Notably, DeCree believes the emergence of the Omicron variant and China’s cautious approach to the COVID-19 pandemic will result in Macau extending the current licenses of its six gaming concessions and sub-concessions for at least one year from their June 2022 expiry date due to the increasingly short timeline.

“Recall, it took about seven months for the government to award the final three licenses after publishing the Gaming Law in 2001,” he said. “While an extension would create some breathing room, it would hardly remove the overhang.”

On recovery from COVID-19, DeCree is bullish on the mass market which he expects to fully recover by 2023, but the arrest of Chau will send a “far-reaching ripple across the entire Asian gaming industry” which will inevitably impact the premium segments, including premium mass, in the near-term.

The VIP segment, he said, could recover to 25% of pre-COVID levels in 2023 on direct and non-junket play, “although the actual number could be much lower.”

Despite the cautious approach to Macau, DeCree does see value in Wynn Resorts as a clear pick of the bunch.

“Although the Macau portfolio will need to be repositioned to cater to the mass market going forward, the Wynn assets are among the best in the business,” he wrote.

“We see value in the shares of Wynn as a special situation and contrarian play. We believe many investors are overly focused on Macau and the company’s VIP exposure that they are overlooking the considerable value of the best-in-class, generational assets built by Steve Wynn.

“We believe newly-promoted CEO Craig Billings will have plenty of levers at his disposal to unlock value while waiting for a broader reopening and recovery in Macau.”

RelatedPosts

Flutter stops India real-money gaming operations, bemoans lack of industry consultation

Flutter stops India real-money gaming operations, bemoans lack of industry consultation

Tue 26 Aug 2025 at 04:00
Slots 2.0

JP Morgan says Macau GGR now at highest non-Golden Week levels since pandemic

Mon 25 Aug 2025 at 17:04
Macau GGR down 12.7% month-on-month to MOP$17.3 billion in September, lowest of the year

Macau government collects US$1 billion in gaming tax revenue in July

Mon 25 Aug 2025 at 13:34
Macau visitor arrivals grew 14.5% year-on-year to 3,458,366 in July

Macau visitor arrivals grew 14.5% year-on-year to 3,458,366 in July

Sun 24 Aug 2025 at 08:30
Load More
Tags: CBRE Equity ResearchGamingJohn DeCreeMacauMass marketVIPWynn Resorts
Share13Share2
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 – Better late than never

Editorial – Better late than never

by Ben Blaschke
Thu 31 Jul 2025 at 07:13

Inside Asian Gaming has in recent weeks been hearing increasing chatter around a possible move by Vietnamese authorities to introduce...

Angel’s Yasushi Shigeta

Angel’s Yasushi Shigeta

by Ben Blaschke
Thu 31 Jul 2025 at 07:08

Yasushi Shigeta, Chairman and owner of one of the world’s largest gaming industry suppliers, Angel Group, sits down with Inside...

The Magic Number

The Magic Number

by David Bonnet
Thu 31 Jul 2025 at 06:41

In this in-depth deep dive into the evolution of the Asian gaming landscape, David Bonnet argues that many regional jurisdictions...

Rashid Suliman – A road well traveled

Rashid Suliman – A road well traveled

by Ben Blaschke
Thu 31 Jul 2025 at 02:45

Rashid Suliman, Vice President of Global Gaming Asia-Pacific for casino solutions provider TransAct Technologies, provides some insight into his unique...

Evolution Asia
Your browser does not support HTML5 video.
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
HKUST
NWR

Related Posts

Flutter stops India real-money gaming operations, bemoans lack of industry consultation

Flutter stops India real-money gaming operations, bemoans lack of industry consultation

by Ben Blaschke
Tue 26 Aug 2025 at 04:00

British gaming giant Flutter Entertainment says it expects to forfeit around US$100 million in revenue and US$25 million in Adjusted EBITDA after stopping its real-money gaming operations in India following the sudden passage of the Promotion and Regulation of Online...

Slots 2.0

JP Morgan says Macau GGR now at highest non-Golden Week levels since pandemic

by Ben Blaschke
Mon 25 Aug 2025 at 17:04

Investment bank JP Morgan has estimated Macau’s gross gaming revenues in the seven days from 18 to 24 August at MOP$793 million per day, representing a 9% increase over the prior week and making it the city’s highest non-Golden Week...

Macau GGR down 12.7% month-on-month to MOP$17.3 billion in September, lowest of the year

Macau government collects US$1 billion in gaming tax revenue in July

by Ben Blaschke
Mon 25 Aug 2025 at 13:34

According to data released by Macau’s Financial Services Bureau, the Macau government’s revenue from gaming taxes in July was approximately MOP$8.11 billion (US$1.01 billion), largely in line with the MOP$8.16 billion collected in June. The July tax figure correlates to...

Pacific puzzle

Team King completes acquisition of Saipan casino assets but IPI ownership links linger

by Newsdesk
Mon 25 Aug 2025 at 05:33

Team King Investment (CNMI) LLC, a recently incorporated company which in February won a bid to acquire the casino assets of Imperial Pacific International, has officially closed the deal and taken ownership. According to local media outlet Marianas Variety, the...

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