MLCO - Macau casino revenue slumps in January ahead of Winter Olympics
Macau gross gaming revenue fell 20.9% in January to 6.34B patacas ($785M). Although the GGR tally topped the consensus expectation for a fall of 31%, the rate of growth was far worse than the +1.8% mark recorded in December. The crackdown on Macau junket operators and tighter border restrictions ahead of the Winter Olympics also impacted Macau traffic. The outlook for February is not positive after Hong Kong reported earlier today the highest daily tally of unlinked infections in its fifth COVID outbreak. Hotel bookings in Macau for the month are reported to be at a low level. Jefferies has a cautious stance on the Macau sector to start the new year. "We believe uncertainty remains regarding the concession outcomes, as well as demand recovery post-COVID and the secular decline in VIP play, which shape our conservative stance," notes analyst David Katz. Macau casino stocks: Wynn Macau (OTCPK:WYNMF), Wynn Resorts
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Macau casino revenue slumps in January ahead of Winter Olympics