Global casino gaming is dominated by Las Vegas, Nevada, and Macau. In the minds of many Americans, Las Vegas is the leading gambling destination. However, Macau’s total gaming income far exceeds that of Las Vegas. According to Bank of America’s analyst Shaun Kelley, investors in Macau should be concerned because the city’s total gaming revenues are still 65 percent below 2019 levels. Meanwhile, gross gaming revenue (GGR) in Las Vegas has increased by 46% from pre-pandemic 2019 levels, proving that the most threatening period of the pandemic has ed. 6f6rn
In a statement on Tuesday, Kelley stated that he believes MGM Resorts International (NYSE: MGM) and Caesars Entertainment Inc. (NASDAQ: CZR) will both have GGR growth in the fourth quarter of 2019 of 30% and 15%, respectively. Kelley is also forecasting a 73% drop in Macau GGR for Las Vegas Sands Corp. (NYSE: LVS) and a 75% drop in GGR for Wynn Resorts, Limited for the fourth quarter of 2019. (NASDAQ: WYNN).
Additionally, Macau is experiencing bad investor sentiment with the recent arrest of 10 casino junket officials.
They also adjust their models to consider the closure of VIP junket rooms in 2022, which WYNN has said is promptly abandoned, and LVS/other operators are expected to reduce significantly.
According to Benzinga, investors may stay safe by putting their money on U.S. online betting and iGaming companies that have low or no exposure to China. According to the latest Bank of America figures, Flutter Entmt ADR (OTC: PDYPD) subsidiary FanDuel is the clear national market share leader in OSB handle and iGaming GGR. Read more here about the best online crypto casinos.
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