MGM - Macau casino revenue continues to improve in April

2023-04-24 11:21:32 ET

Macau casino trends continue to improve as the industry's recovery takes another step forward. Jefferies estimated Macau daily revenue for the week ending April 23 sequentially improved to 464M patacas per day from 417M patacas day the prior week. Analyst David Katz pointed to improvement driven by strong traffic and a more normalized VIP win rate.

"The latest update highlights Macau's ongoing, accelerating strength without pre-holiday slowdown, leading to our industry sources upping April estimates again," he noted. Jefferies has Las Vegas Sands ( LVS ) and Wynn Resorts ( WYNN ) listed as its top U.S.-listed casino stocks, while Galaxy Entertainment and Sands China are the top picks from the Hong Kong-listed group.

The positive update for April follows strong numbers for Macau in March. Total visitor arrivals to Macau grew by 270% year-over-year to 1,956,867 and were up 22.8% compared to February. The boost in traffic coincides with a heavier marketing focus from Macau casino resort operators on non-gaming destination features. The new report on monthly Macau gross gaming revenue is due out on May 1 and the new traffic numbers will follow a few days later.

Macau casino stocks: Wynn Macau ( OTCPK:WYNMF , OTCPK:WYNMY ), Wynn Resorts ( WYNN ), Sands China ( OTCPK:SCHYY , OTCPK:SCHYF ), Las Vegas Sands ( LVS ), MGM China ( OTCPK:MCHVF , OTCPK:MCHVY ). MGM Resorts ( MGM ), Galaxy Entertainment ( OTCPK:GXYEF ), SJM Holdings ( OTCPK:SJMHF , OTCPK:SJMHY ), Melco Resorts & Entertainment ( NASDAQ: MLCO ), Studio City International ( MSC ).

More on Macau stocks:

• Read the latest news updates on Macau
• View the growth metrics on Melco Resorts.
• View the growth metrics on Las Vegas Sands.
• Check out Seeking Alpha Quant Ratings across the casino sector.
• See the Macau gross gaming revenue update for March

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