Revised Macau Casino Predictions by Jefferies
In the heart of August 2022, Macau's local casino operators experienced a significant boost, achieving revenue of MOP 22.16 billion ($2.76 billion). This impressive figure marked a positive turn for the industry, following a slower start to the year.
The summer months proved to be particularly fruitful, with Macau's casino operators delivering performances that exceeded expectations. Rich entertainment events, improved promotions, and the opening of luxury properties like Galaxy Macau's Capella hotel, as well as the refurbishment of established properties such as The Londoner Macao, all contributed to this impressive summer performance.
Despite the optimism of analysts and other firms, official forecasts for Macau's gambling revenue remain more prudent compared to the recent updates from Jefferies. The Macanese government, for instance, lowered its original forecasts for 2025 to MOP 228 billion ($28.4 billion) due to a slower start to the year. However, this outlook has since been revised.
Jefferies analysts, who initially held more reserved views, now seem much more optimistic about the local industry's potential. They have upped their expectations for Macau's gambling revenue, predicting it to reach MOP 248 billion ($30.8 billion) in 2025. This updated forecast represents an annual growth of between 13% and 15% for Macau's gambling industry.
Other investment banking firms, such as CLSA and JP Morgan, have also raised their expectations for the growth of Macau's gambling sector, aligning themselves with Jefferies' more optimistic stance.
Despite the government's initial conservative views or potential concerns about the pace of economic recovery or other risks, it appears that the future of Macau's gambling industry is looking increasingly promising. The summer's success serves as a testament to the resilience and adaptability of the industry, and the potential for continued growth in the coming years.
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