Property EBITDA to grow 20 percent in 17Q1

Morgan Stanley analysts are estimating Macau property EBITDA to reach US$1.8 billion in 17Q1, representing a 20 percent year-on-year growth.

March GGR grew 5 percent quarter-on-quarter and 13 percent year on year to MOP 63.5 billion (US$7.9 billion), said the brokerage in a note on Thursday.

Looking at the quarter, the brokerage expects Melco Resorts & Entertainment Limited to report a 14 percent quarter-on-quarter increase in company EBITDA, driven by Studio City’s mass share gain and inclusion of VIP, while Wynn Macau and Galaxy will also see growth in EBITDA, up 24 and 2 percent quarter-on-quarter respectively.

Looking ahead at 17Q2, Morgan Stanley says it expects growth of 16 percent year-on-year but -5 percent quarter-on-quarter due to seasonal weakness.

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