02282 MGM CHINA
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MGM CHINA News
Macau will continue to introduce measures such as distributing money to benefit residents next year.
The Macau SAR Government has submitted the budget proposal for the fiscal year 2024 to the Legislative Council, and will continue to implement a series of measures to benefit the people next year (2024), with an estimated total amount of 24.677 billion Macau Patacas. Among them, the cash share plan, medical subsidy plan, residence unit electricity subsidy plan, and continuous education development plan are expected to have a total expenditure of 8.514 billion Macau Patacas. This will be used to pay for free education subsidies, tuition subsidies for Macau resident students who do not benefit from free education, college student learning supplies subsidies, student textbook subsidies, teachers and professionals development subsidies in private educational institutions, respect for the elderly pension, retirement pension, disability pension,
HK stocks fluctuate | Macau casino stocks generally fell today. Gambling revenue in November may significantly decline month-on-month. Large institutions say retail remains weak.
Macau casino stocks fell today, as of the time of publication, Sands China (01928) fell by 5.11%, closing at HK$19.5; Galaxy Ent (00027) fell by 4.17%, closing at HK$34.45; mgm china (02282) fell by 4%, closing at HK$9.59; wynn macau (01128) fell by 4.06%, closing at HK$5.67.
Morgan Stanley: Latest rating and target price of Macau casino stocks (table). Galaxy Ent (00027) was the only market share growth in October.
Galaxy Ent (00027) saw a 4 percentage point increase in market share in October to 21%, the only Macau gaming enterprise to achieve market share growth during the period. Management attributed this to the concert held by the movie star Andy Lau during the National Day Golden Week.
Citi: Maintains forecast of 18 billion yuan total gaming revenue in Macau this November.
The Macau Government Tourism Office expects that the upcoming Macau Grand Prix will attract over 0.4 million tourists.
Morgan Stanley: Galaxy Entertainment Group (00027.HK) is the only market share growth Macau gaming company in October.
According to third-party data, Morgan Stanley's research report estimates that Macau's gambling revenue in November is between 16.9 billion yuan and 17.9 billion Macau yuan, equivalent to a year-on-year increase of 5% to 12%, but a monthly decrease of 14% to 19%. SJM Holdings (00027.HK) saw its market share in October rise by 4 percentage points to 21% monthly, making it the only Macau gaming company to record market share growth during this period. Management attributed this to the concert held by movie star Andy Lau during the National Day golden week. The bank pointed out that the trend of gambling revenue in November weakened due to seasonal factors, while the recovery of inbound tourists met expectations. As of November 10th, the number of visitors has exceeded 30 million.
Since the beginning of this year, Macau has received over 30 million visitors, with a 33% year-on-year increase in mainland visitors.
According to the Macau Daily, based on Macau security police data, as of yesterday (10th), Macau has recorded over 30 million arrivals of tourists this year, with a daily average of 0.095 million arrivals, reaching about 87% of pre-epidemic levels in 2019, with 70% of them being mainland tourists. On February 12th (the third day of the new year), the highest daily influx of the year was recorded, reaching 0.217 million arrivals. According to security police data, as of yesterday at noon, Macau's total number of inbound tourists this year has exceeded 30 million, surpassing last year's full-year total of 28.25 million. Among the inbound tourists, mainland tourists account for 70%, as opposed to last year.
Morgan Stanley: Upgrades galaxy ent to "Outperform" with a target price of HK$50.7.
According to a research report released by Morgan Stanley, galaxy ent (00027) experienced a 50% year-on-year increase in mid-term gambling revenue during the October gold cycle, surpassing competitors such as mgm china (02282), mgm resorts international, and wynn macau (01128). In response, the bank slightly raised the target price of galaxy ent by approximately 0.2%, from 50.6 Hong Kong dollars to 50.7 Hong Kong dollars, with a rating of "outperform the market". The report points out that galaxy ent's total gambling revenue has recovered to 71% of the 2019 level, with VIP, mid-term gambling, and slot machine revenue recovering to 17%, 115%, and 104% respectively. In addition, non-gambling.
Goldman Sachs: Maintains a 'buy' rating on galaxy ent, with the target price raised to 54.2 Hong Kong dollars.
Goldman Sachs released a research report stating that the target price of Galaxy Ent (00027) was slightly raised by 0.7%, from 53.8 Hong Kong dollars to 54.2 Hong Kong dollars, maintaining a "buy" rating. The bank slightly raised EBITDA forecast for Galaxy Ent for the fiscal years 2024-2026 by 1%. The bank believes that, compared with other peers, Galaxy Ent has more players in the mid-to-high-end mid-market but generally lacks players in the low-end and high-end markets. The company's management believes that the launch of the Jardine Club Hotel with 100 suites in the middle of the fiscal year 2025 will fill the gap in its super-luxury product offerings. In addition, the company is expected to report earnings for the first quarter of 2024
Macau casino stocks rose, with Wynn Macau (01128) up 2.52%. Consumer spending for the first three quarters increased by 8% year-on-year, but Goldman Sachs believes that Macau gaming revenue growth will slow down in the future.
Golden Financial News | Macau casino stocks collectively rose, with Wynn Macau (01128) up 2.52%, Paradise Ent (01180) up 2.2%, Melco Int'l Dev (00200) up 1.76%, Sands China (01928) up 1.66%, mgm china (02282) up 1.37%. According to statistics from the Macau SAR Government Statistics and Census Service, total consumer spending by tourists in the first three quarters of 2024 increased by 8% year-on-year to 56.21 billion Macau Patacas, mainly driven by a significant 30.1% increase in tourist arrivals in the first three quarters compared to the same period last year. Among them, the total consumption of staying and non-staying tourists
Macau's total consumer spending on tourists in the first three quarters has increased by 8% annually, with an average consumption of 2,168 Macau dollars.
The Statistics and Census Service of Macao SAR Government announced that the total consumer spending of tourists in the first three quarters of this year (excluding gambling) increased by 8% to 56.21 billion Macao Patacas (MOP), mainly due to a significant annual growth of 30.1% in the number of tourists. Among them, the total consumer spending of lodging tourists and non-overnight tourists increased by 5.1% and 22.9% respectively year-on-year. Compared to the same period in 2019, total tourist spending increased by 17.5%. During the period, the average tourist expenditure was MOP 2,168, a 17% year-on-year decrease, but a 36.9% increase compared to the same period in 2019. The main expenditure of tourists was on shopping, followed by lodging and dining. (js/w)~
The 'Citywide Consumer Rewards' in Macau has driven local consumption by approximately 0.27 billion Macau dollars in the first four weeks.
Macau Television reported that the Community Service Consultative Committee of the Macau Island area stated that the 'Citywide Consumer Grand Prize' has already redeemed 51 million Macau dollars in the first four weeks, driving local consumption of approximately 0.27 billion yuan. Committee member Liang Junjie revealed that the retail trade accounts for more in coupon consumption, with supermarkets, department stores, and dining establishments being the retail premises where citizens redeem coupons the most. Data shows citizens prefer consumption scenes such as daily tea restaurants, porridge noodle shops, and bakeries. (js/u)~
The Macau Grand Prix will be held in mid-month, and the tourism bureau expects hotel bookings to rise.
The 71st Macau Grand Prix will be held from next Thursday (the 14th) to Sunday (the 17th). Helena De Senna Fernandes, Director of the Tourist Office, said that the hotel occupancy rate in Macau is currently about 60% to 70%. With around two weeks to go before the Grand Prix, it is expected that the booking rate will further increase. Wong Wai, Chairman of the Macau Travel Industry Council, stated that the newly designed tour packages through the Hengqin Group Entry and Exit Policy have received a warm response, and preparations are underway to secure more tickets from the event to attract more tour groups to Macau. In addition, Helena De Senna Fernandes mentioned that the 2024 Macau light show will be held from early next month to February next year, and the related 3D light sculptures are already completed.
Macau Gaming Revenue Jumps 6.6% in October, Beats Estimates
"Dah Sing" Daiwa Kam Han: Maintain the first choice to increase shareholding in Macau gaming industry to Sands China (01928.HK)
Dah Sing Financial Group released a research report stating that Macau's gambling revenue in October this year was 20.8 billion Macau dollars (same below), up 7% year-on-year, a 20% increase from the previous month, slightly exceeding market expectations, and recovering to 79% of 2019 levels. Due to the record-breaking performance during the Golden Week, this data also reached a new high post-pandemic. In addition, last quarter's visitor volume to Macau has also rebounded to 93% of 2019 levels, although the proportion of overnight visitors has declined quarterly. The bank maintains a "shareholding" in the Macau gaming industry, with Sands China (01928.HK) as the top choice, maintaining a target price of 28.6 yuan, believing that the group's gambling revenue recovery will accelerate from the first quarter of next year.
MGM China (02282.HK): MGM Macau is currently undergoing a series of revitalization projects.
MGM China (02282.HK) President and Director, Grant Bowie, stated that a series of revitalization projects are underway at MGM Macau, including renovating the gambling floors, redesigning the entertainment center, and introducing some new dining venues. The goal is to ensure that the products can reflect customer demand trends. He expects all these projects to be completed by the middle of next year. In addition, MGM Resorts International is also undergoing a 'suites renovation project,' increasing the property's suite inventory by about 25%.
In the first ten months, the passenger volume of Macau International Airport increased by 56.9% annually to 6.34 million people.
Macau International Airport data shows that in the first ten months of this year, the number of passengers reached 6.34 million, an increase of 56.92% year-on-year; there were 0.049 million takeoffs and landings, an increase of 49.37% year-on-year. Compared with the same period in 2019, the number of passengers and takeoffs and landings have recovered by approximately 80% and 78% respectively. In the first three quarters of the year, passengers entering Macau with international passports accounted for 15% of the total inbound passengers at the airport, doubling year-on-year, indicating that Macau International Airport is gradually recovering and moving towards new heights of development.
MGM CHINA HOLDINGS LIMITED(02282.HK):RESILIENT PERFORMANCE
Goldman Sachs lowers mgm china (02282.HK) target price to 15.3 yuan, third quarter performance in line with expectations.
Goldman Sachs released a report stating that mgm china (02282.HK) third-quarter property EBITDA fell 19% quarter-on-quarter to 1.98 billion yuan, roughly in line with expectations, also close to the company's 2023 target of 1.9 billion to 2 billion yuan.
Hong Kong stock market anomaly: Macau gambling stocks all rose, Macau's lucky gambling gross revenue in October increased by 6.6% year-on-year.
Grey Finance on November 1st: Sands China rose more than 5%, mgm china, wynn macau rose more than 1%, galaxy ent, melco int'l dev, and sjm holdings all saw gains. The Macau Gaming Inspection and Coordination Bureau announced today that Macau's gross gaming revenue in October increased by 6.6% year-on-year to 20.787 billion Macau patacas; gross gaming revenue from January to October this year was 190.142 billion Macau patacas, a 28.1% increase year-on-year. In previous estimates from major banks, jpmorgan had predicted that Macau's total gaming revenue for October could reach around 22 billion Macau patacas, with a preference for galaxy ent and Sands China. Citigroup had maintained its October gambling revenue forecast for Macau as
Macau's gambling revenue in October increased by 6.6% year-on-year to 20.787 billion, surpassing expectations.
The Macau Gaming Inspection and Coordination Bureau announced that in October this year, the gross gaming revenue from gambling amounted to 20.787 billion Macau dollars, an increase of 6.6% year-on-year, lower than the earlier Citigroup forecast of 21.5 billion Macau dollars. For the first ten months of this year, Macau's gross gaming revenue from gambling increased by 28.1% year-on-year to 190.142 billion Macau dollars.
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