• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Friday 3 February 2023
    • 中文
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
    • Vietnam
  • Events
  • Consulting
  • Contributors
  • SUBSCRIBE FREE
  • 中文
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
    • Vietnam
  • Events
  • Consulting
  • Contributors
  • SUBSCRIBE FREE
  • 中文
No Result
View All Result
IAG
No Result
View All Result

ASEAN gaming stocks preferred over Macau with no sign of China border reopening in sight: Morgan Stanley

Ben Blaschke by Ben Blaschke
Thu 21 Apr 2022 at 06:56
Macau Gaming Law series part 9: National security – a get out of jail free card for the government?
37
SHARES
931
VIEWS
Print Friendly, PDF & Email

Macau’s gross gaming revenue is tipped to reach only 30% of 2019 levels this year, progressing to 63% in 2023, as rising COVID-19 cases in mainland China suggest there will be “no major travel easing between mainland China, Hong Kong and Macau in 2022,” according to investment bank Morgan Stanley.

In a note comparing Macau’s recovery trajectory to that of its regional neighbors, Morgan Stanley’s Praveen Choudhary, Gareth Leung and Thomas Allen warned that Macau industry-wide EBITDA might only reach 76% of 2019 levels by 2023 and that they “hope travel reopening becomes more visible from 2023, after the PRC National Congress in October 2022.”

In contrast, “ASEAN countries are opening travel among themselves and have a policy of living with COVID,” ultimately providing more upside to ASEAN gaming stocks.

Pointing to the stocks of Bloombery, operator of Solaire Resort in Manila, and NagaCorp, which owns Phnom Penh’s NagaWorld, as most compelling, Morgan Stanley said, “Most major Asian countries are easing travel restrictions from 2Q22, benefiting ASEAN gaming companies in both overseas and domestic demand recovery.

“All the ASEAN players were able to achieve positive FCFE (free cash flow to equity) in 4Q21 even before travel reopening, with the help of domestic demand, mostly. FCFE should continue to improve through 2022, repairing their balance sheets.”

Morgan Stanley has moved ASEAN Gaming from “In-Line” to “Attractive” while Macau Gaming has been adjusted down from “Attractive” to “In-Line”.

Of Macau stocks, the analysts prefer Sands China over Galaxy, with SJM Holdings least attractive due to “liquidity constraints, concerns about satellite casinos, and higher opex of the newly opened Grand Lisboa Palace.”

RelatedPosts

China confirms resumption of tour groups to Hong Kong and Macau from Monday

China confirms resumption of tour groups to Hong Kong and Macau from Monday

Fri 3 Feb 2023 at 12:10
What Now For Junkets?

Junkets reveal Macau government has reintroduced 5% tax on commission income

Fri 3 Feb 2023 at 03:53
We’re Back!

Morgan Stanley: Singapore GGR to surpass all-time high in 2024

Thu 2 Feb 2023 at 12:12
Macau GGR down 62% year-on-year to MOP$2.48 billion in June

Macau recovery tracking well ahead of schedule, say analysts

Thu 2 Feb 2023 at 06:42
Load More
Tags: ASEANBloomberry Resorts Corporationgaming stocksMacauMorgan StanleyNagaCorpSands ChinaSJM Holdings
Share15Share3
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: Macau GGR recovery: A New Hope

Editorial: Macau GGR recovery: A New Hope

by Ben Blaschke
Wed 1 Feb 2023 at 02:17

The speed with which Macau’s short-term prospects have turned around since the start of the year is nothing short of...

Publication of record

Publication of record

by Andrew W Scott and Ben Blaschke
Wed 1 Feb 2023 at 01:44

It has been quite the ride for Inside Asian Gaming, from a small 40-page pilot publication back in September 2005...

Missing in action

Missing in action

by David Green
Wed 1 Feb 2023 at 00:55

Macau’s concessionaires have committed to spending a combined US$13.5 billion on non-gaming attractions over the next 10 years, but they...

Return of the ICE age

Return of the ICE age

by Ben Blaschke
Wed 1 Feb 2023 at 00:43

A full-sized ICE London returns for the first time in three years in February, with organizers promising the biggest show...

Softswiss
Evolution Asia
Aristocrat
Solaire
Solaire
Beter
Beter
IGT

Related Posts

GKL closes third casino as South Korean COVID cases surge again

Grand Korea Leisure casino revenues up 5% in January

by Newsdesk
Fri 3 Feb 2023 at 12:35

The positive recovery trajectory of South Korea’s foreigner-only casino industry has continued into 2023 with Grand Korea Leisure (GKL) reporting a 230% year-on-year increase and 5.0% sequential increase in casino revenue to KRW32.1 billion in January. The January result follows...

China confirms resumption of tour groups to Hong Kong and Macau from Monday

China confirms resumption of tour groups to Hong Kong and Macau from Monday

by Pierce Chan
Fri 3 Feb 2023 at 12:10

The Hong Kong and Macao Affairs Office of the State Council announced Friday that the operation of group tours for mainland China residents to Hong Kong and Macau will resume on 6 February. This comes after the Ministry of Culture...

Konami reveals strong growth for Gaming and Systems segment despite group-wide declines in 1H20

Konami’s gaming and systems segment books 49% revenue growth through December

by Newsdesk
Fri 3 Feb 2023 at 06:52

Japan’s Konami Group reported a 5.5% increase in group-wide revenue to JPY226.9 billion (US$1.76 billion) in the nine months to 31 December 2022, with its Gaming and Systems segment showing the greatest gains – up 49.2% year-on-year to JPY27.9 billion...

SOFTSWISS to showcase new standalone payment gateway system FinteqHub at ICE London

SOFTSWISS to showcase new standalone payment gateway system FinteqHub at ICE London

by Newsdesk
Fri 3 Feb 2023 at 05:40

iGaming platform provider SOFTSWISS will launch its new standalone payment gateway system, FinteqHub, at ICE London next week. According to information released overnight, FinteqHub provides access to integrations with various payment systems via a single platform, allowing businesses to manage...

IAG

© 2005-2023
Inside Asian Gaming.
All rights reserved.

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

No Result
View All Result
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Consulting
  • Magazines
  • Advertise
  • Contact
  • About

© 2005-2023
Inside Asian Gaming.
All rights reserved.