Inside Asian Gaming

IAG MAY 2022年5月 亞博匯 11 請登錄asgam.com訂閱《亞博匯早報》 Sign up to receive IAG Breakfast Briefing at asgam.com MACAU CONCESSIONAIRES LOSING US$800 MILLION PER QUARTER 季度虧損達8億美元， 澳門博企陷現金短缺 SOME MACAU CONCESSIONAIRES could run out of cash in as little as three months at current run rates, with the industry losing US$800 million and leaking US$250 million in cash flow each quarter, according to investment bank Morgan Stanley. The dire predicament, outlined in a research report, suggests that SJM Holdings could use up all of its cash in three months at the 4Q21 FCFE (free cash flow to equity) run rate, although it has another US$170 million undrawn revolver it can access to extend its lifeline. Also racing the clock, the report says, are Sands China and MGM China, each with around nine months (three quarters) worth of cash while Wynn Macau has around 15 months and Melco Resorts 18 months of cash available. Galaxy Entertainment Group is the only one of Macau’s six concessionaires facing no such issues, since it is FCF (free cash flow) positive and has a US$5 billion war chest at its disposal. “Survival is key in this stage,” according to Morgan Stanley analysts Praveen Choudhary, Gareth Leung and Thomas Allen. “Of course, companies can raise new debt, but current bond yield suggests it will be expensive.” With losses growing, the analysts also note that industry net debt has risen from around US$5 billion pre- COVID to US$20 billion at end-2021, while shareholders’ equity has fallen from US$23 billion to US$12 billion. 根據投資銀行摩根士丹利 的數據，按目前營運狀況，部分澳門博 企可能會在三個月內耗盡現金。博彩行業目前每季度虧損8億美 元，現金流失約2.5億美元。 該行在其發佈的一份研究報告中描述了上述狀況，並暗示按 照2021年第四季度股權自由現金流(free cash flow to equity)的 話，澳娛綜合儘管還有1.7億美元未提取的循環貸款可稍作延續， 其或在3個月內用盡所有現金。 報告還稱，金沙中國和美高梅中國目前也在爭分奪秒，各自 只擁有約9個月（三個季度）的現金儲備。永利澳門和新濠博亞 則分別持有約15個月及18個月的現金。 銀河娛樂集團是澳門六家博企中唯一無需面對上述問題的 公司，其自由現金流（FCF）為正，並且坐擁50億美元的備用資 金。 摩根士丹利分析師 Praveen Choudhary、Gareth Leung和 Thomas Allen表示：「在現有階段，生存是關鍵。當然，企業可 以發行新債，但以目前的債券收益率來說，發行新債的成本將會很 高。」 隨著虧損的增加，分析師們異口同聲指出，行業淨債務已經 從疫情前約50億美元上升至2021年年底的200億美元，而股東權 益則從230億美元下降至120億美元。