Your Daily Asia Gaming eBrief: Macau 2022 GGR to stand at 15 percent of 2019

Thursday 27th of October 2022

Good morning. More numbers from Macau. Morgan Stanley revised its estimates, down, expecting 2022 to register a fraction of 2019 levels arguing that recovery will come later, eventually by 2024. Despite the plunge in revenues costs keep mounting up.

What you need to know

Morgan Stanley revised its Macau '22 and '23 GGR estimates, down, again, by 17 percent and 3 percent to reflect likely ongoing travel restrictions in 4Q22 and 1Q23.

NSW Crime Commission proposes the introduction of mandatory cashless to crack down on money laundering through EGM's in gaming venues.

On the radar

Macau 2021 gaming receipts drop, costs, expenses rise.
North neighborhood locked down on Zhuhai Covid case alert.
GRA issues a three-year license to Singapore Pools.

AGB Intelligence

MACAU

Macau 2022 GGR to stand at 15 percent of 2019 levels, MS

Morgan Stanley reduced its 2022e and 2023e GGR estimates by 17 percent and 3 percent, respectively, to reflect likely ongoing travel restrictions between Macau and the Mainland in 4Q22 and 1Q23. The brokerage's forecast assumes travel restrictions between Macau and the Mainland continue in 4Q22 and 1Q23, and the gradual resumption of electronic visas and package tours to start from 2Q23. The brokerage maintains that 2024 is the year the industry fully normalizes.