Macau's casino industry could report a 10.6% annual decline in third-quarter earnings before interest, tax, depreciation and amortisation (EBITDA), according to estimates from Seaport Research Partners.
Who is expected to do what
Analyst Vitaly Umansky expects Galaxy Entertainment to record annual growth in property EBITDA, while MGM China could remain broadly flat. Other concessionaires are expected to report declines.
The estimates follow a weaker revenue quarter. Macau's gross gaming revenue reached about MOP60.21 billion, down 3.8% from the same period last year.
Seaport also identified softness in Singapore, linking both markets to weaker spending by higher-value customers.
What to watch
Market share, operating costs and spending on player incentives are likely to matter most when investors compare the operators. For the fourth quarter, Seaport expects continued pressure, although less severe than in the July to September period.
