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During the summer vacation peak, the daily tourist volume in Macau surpassed the average high since the pandemic began in early August, consequently driving a continuous increase in gambling revenue. JPMorgan released a report stating that the projected casino revenue for the first 13 days of August in Macau is expected to reach 7.2 billion Macau patacas, with a daily average gambling revenue of approximately 553 million Macau patacas, representing a 7% increase compared to the previous week.
JPMorgan further pointed out that Macau's gambling revenue has gradually improved since August, reflecting the diminishing impact of seasonal factors and recent adverse weather conditions. The bank also mentioned that the overall casino revenue in Macau has reached 90% to 95% of pre-pandemic levels, with an expectation of a recovery to the mid-year revenue of 2019 by October.
JPMorgan noted that despite the robust recovery performance of Macau's gambling enterprises, this hasn't been reflected in the stock prices of gambling-related stocks. Over the past three months, stock prices have remained relatively flat, although performing better than expected. There is also room for profit increases, and the valuation is quite attractive. The bank believes this provides a buying opportunity for long-term investors and anticipates that more investors will reinvest in this sector. |
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Post time 30-8-2023 08:26:57
