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<Research>Macquarie: MO Sep GGR Weakens; Sands Stages Comeback in 4Q
Recommend 23 Positive 44 Negative 29 |
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Macquarie, in its report, cited a third-party data. Macau's average daily revenue (ADR) last week was MOP535 million, a WoW drop of 10%. It estimated that September's GGR will reach MOP16.3-17.2 billion, a YoY hike of 9%-15%, and a MoM fall of 13%-17% due to seasonal factors, reaching 74%-78% of the level in 2019, vs 81% in August. Channel surveys suggested that the room bookings during Golden Week are decent, but the quality of players appears to be weak so far. SANDS CHINA LTD (01928.HK) is preparing to stage a comeback in 4Q24, the broker said. The company rebranded the Cotai Arena as “Venetian Arena” and will host singer Charlie Puth's concert on December 14. In addition, the company had previously announced a partnership with Agoda to launch a marketing campaign in 4Q24, which is believed to help Sands China's hotels lure traffic after the peak of renovations in 3Q24. Moreover, Las Vegas Sands (LVS.US), the parent company of Sands China, had announced earlier its intention to overweight its shares in Sands China by up to HK$800 million. Macquarie's investment ratings and target prices for Macau gaming stocks are listed below: Stock | Investment Rating | Target Price (HKD) GALAXY ENT (00027.HK) | Outperform | 56.8 SANDS CHINA LTD (01928.HK) | Outperform | 24.9 MGM CHINA (02282.HK) | Outperform | 19 WYNN MACAU (01128.HK) | Outperform | 9.6 SJM HOLDINGS (00880.HK) | Neutral | 2.4 MELCO (MLCO.US) | Outperform | US$9.3 AAStocks Financial News |
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