Analysts at CBRE have raised earnings estimates for Sands, MGM and Wynn given their success in Macau

CBRE analysts John DeCree and Max Marsh said they are raising their earnings estimates for U.S. gaming operators Las Vegas Sands, MGM Resorts International and Wynn Resorts. The main reason is the rapid increase in profits of the companies’ facilities in Macau following the relaxation of COVID restrictions.

Adjusted EBITDA (the company’s earnings before interest, taxes, depreciation and amortization) estimate for the second quarter of 2023 for Las Vegas Sands has been revised. The new amount called by analysts was $911 million (82.4 billion rubles). Among the reasons for the increase in the valuation are the accelerating recovery of the operator’s operations in Macau, as well as increased attendance and capital investment in Singapore.

Adjusted EBITDA of MGM Resorts in Macau rose from $746 million (67.5 billion rubles) to $848 million (76.7 billion rubles). CBRE said MGM has tailwinds around the world. We’re talking about the reopening in Macau, the resurgence in Las Vegas, and the looming profitability of digital, among other things. Also mentioned was the operator’s project in Japan and a possible casino license in New York State.

In the case of Wynn Resorts, expected Macau adjusted EBITDA rose from $1.29 billion (R116.6 billion) to $1.37 billion (R123.9 billion). We argue that the market is underestimating Wynn’s recovery in Macau, the sustainability of earnings in Las Vegas, the material value of its real estate portfolio and profitable development

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