Inside Asian Gaming

IAG APR 2023年4月 亞博匯 38 That, analysts agree, will propel Macau’s recovery. And with industry-wide mass GGR recovering to 90% of pre-COVID levels by the end of the year, EBITDA is tipped to reach 100% in 2024 and 110% by 2025, according to JP Morgan’s DS Kim and Mufan Shi. “We reiterate our view that headline GGR is no longer an important metric to follow, given vastly different product mix and profit profile,” wrote Kim and Shi, noting that their EBITDA forecast comes without any profit contribution from VIP. "This puts us well ahead of consensus by 10%+, but we feel the risk to our numbers is actually on the upside given a possibility of direct VIP recovery and what we view as under- appreciated potential in non- gaming.” A new Macau no doubt, but also a new sense of optimism for what’s to come. COVER STORY 單獨的博彩總收入數字不應被視為分析 澳門數字的關鍵指標。」他們同時指 出，對EBITDA的預測，並未計入貴賓廳 博彩的利潤貢獻。 「這使我們的預測高出市場普遍預 期10%以上，但我們認為，考慮到直營 貴賓博彩復甦的可能性，以及尚未被充 分重視的非博彩潛力，我們的數據實際 上面臨上行潛力。」 無疑這將是全新的澳門，也令人充 滿新的憧憬。