Jinwu Financial News | Gaming stocks rose collectively. Wynn Macau (01128) rose 2.52%, Huicai Holdings (01180) rose 2.2%, Macau International Development (00200) rose 1.76%, Sands China (01928) rose 1.66%, and MGM China (02282) rose 1.37%.
According to data from the Statistics and Census Bureau of the Macao SAR Government, total tourist spending in the first three quarters of 2024 increased by 8% year-on-year to MOP 56.21 billion, mainly driven by a sharp increase of 30.1% in the number of visitors in the first three quarters compared to the same period last year. Among them, the total spending of overnight travelers and overnight travelers recorded year-on-year increases of 5.1% and 22.9% respectively. Compared with the same period in 2019, total tourist spending increased by 17.5%. During the period, the average passenger consumption was 2,168 yuan, a year-on-year decrease of 17% and an increase of 36.9% over the same period in 2019. Among them, the amount spent by travelers is mainly used for shopping, followed by lodging and dining.
According to Goldman Sachs Research, Macau's gambling revenue increased by 7% year-on-year to MOP 20.8 billion in October, reaching 79% of the 2019 level. The bank anticipates that Macau's gambling revenue will then slow down to the same level from year to year, or that based on traditional seasonal factors, the average daily gambling revenue is expected to be between MOP 0.56 billion and MOP 0.63 billion. Looking ahead to next year, with the exception of Galaxy Entertainment, most Macau gaming operators have limited capital expenditure on expansion or upgrades, and the industry's valuation is still low. The bank maintained the “buy” ratings of Bank Entertainment, Sands China, Australian Expo and Macau Boya.
