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.
Tiger Resort, Leisure and Entertainment reported that revenue from Okada Manila dropped 42 percent in Q1 amidst ongoing restrictions to Manila's casinos.
Quang Nam province in central Vietnam has put forward a proposal to host guests who have been vaccinated against Covid in two resorts, according to local media.
A full recovery in Macau could be delayed until 2023 as the slow rollout of vaccines prevents a significant easing of travel restrictions, Union Gaming writes.
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.
Crown Resorts said a group of funds advised by Oaktree Capital Management has agreed to provide up to $3 billion in funding for the company to buy back shares held by James Packer's Consolidated Press Holdings.
Macau’s Q1 gross gambling revenue breakdown clearly shows the mass market pulling ahead of the VIP sector, which is struggling to recover from the double-whammy of Covid and policy pressures in China.
Macau’s slow but steady recovery continues to show evidence after recording its highest daily record of visitor arrivals since the start of the pandemic on Friday, with a total of 34,252 visitor arrivals.
Mass market baccarat accounted for 51 percent of Macau's gross gambling revenue in the first quarter of this year, according to figures released by the Gaming Inspection and Coordination Bureau.
SkyCity Entertainment's earnings are recovering faster-than-expected from the Covid crisis, said Standard & Poors in a note raising its credit outlook to stable from negative.