Las Vegas Pandemic Recovery Continues To Outpace Macau’s, Casino Analyst Says
Las Vegas, Nevada, and Macau, China, are two of the largest global casino gambling hubs. Both gaming destinations took big hits during the COVID-19 pandemic, but the latest gross gaming revenue numbers suggest the Vegas recovery continues to outshine struggling Macau. The Numbers: Many Americans think of Vegas as the top gambling destination, but Macau’s gross gaming revenue dwarfs Las Vegas. Unfortunately for Macau investors, its gross gaming revenue is still roughly 65% below 2019 levels, according to Bank of America analyst Shaun Kelley. Meanwhile, Las Vegas GGR is up 46% from pre-pandemic 2019 levels, suggesting the worst of the pandemic is now in the rear-view mirror. Related Link: Analyst Reports ‘Surge’ In Online Sports Betting On Tuesday, Kelley said he models fourth-quarter Las Vegas GGR growth of 30% for MGM Resorts International (NYSE:MGM) and 15% for Caesars Entertainment Inc (NASDAQ:CZR) compared to the fourth quarter of 2019. Meanwhile, Kelley is also modeling fourth-quarter Macau GGR to be down roughly 73% from 2019 levels for Las Vegas Sands Corp. (NYSE:LVS) and down 75% for Wynn Resorts, Limited (NASDAQ:WYNN). Macau Headwinds: In addition to sluggish gaming revenues, Macau is also suffering from negative investor sentiment after 10 casino junket officials were recently arrested.
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