Feb 20th, 2023
Revisiting Macau GGR, Credit After Robust Lunar New Year
A stronger-than-expected recovery in visits to Macau in January, thanks to the Lunar New Year travel rush, has prompted BI analysts Angela Hanlee and Cecilia Chan to upgrade their expectations for the city’s gross gaming revenue and bond issuers. Macau's 2023 GGR could reach 52% of pre-pandemic levels vs. our previous forecast of 42%, and bond issuers could achieve Ebitda breakeven as soon as 1Q. The share and bond prices of the city’s casino operators have rallied since China eased travel restrictions in December.
