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Genting Malaysia's flagship property Resorts World Genting is expected to be locked down for at least three months as the country battles another outbreak of Covid, however, this year is unlikely to be as bad as 2020 as other global properties reopen, Maybank Investment Bank said.
Investors may be overly optimistic about the prospects for Macau’s gaming stocks given the snail’s pace of the recovery and slow vaccine rollout across the region, according to analysts from Union Gaming.
Macau's gross gambling revenue continued to show a small sequential improvement in the third week of April, with visitation hitting a 15-month high, according to Bernstein Research.
The Macau gross gambling revenue rose 16 percent in the second week of April from the prior week, but was still softer than expected, according to Bernstein Research.
Resorts World Las Vegas is expected to generate revenue of $350 million in 2022 and EBITDA of $82 million in its first full year after opening this summer, according to Nomura Research.
Nagacorp has been confirmed as a "buy" by Union Gaming following the release of its Q4 results, though its target share price has been trimmed to $12.50 from $13.50 due to the new shutdown of NagaWorld.
Sands China and Galaxy Entertainment should be viewed as long-term investment opportunities once Macau visitor volumes return due to their high installed capacity and expansion plans, Bernstein Research said in a note.
Bloomberry Resorts is expected to break even on an EBITDA level by Q4 due to cost cuts and support from the local market, according to analyst Michael Ting, who publishes on Smartkarma.
Nomura said it’s raising its estimates for the Hilton and Marriott hotel groups as occupancy has shown slow but steady growth and been better than its “original more dire outlook.”