Macau casinos saw gross gaming revenue (GGR) surge by 450% year-over-year in April to $1.82 billion, surpassing analysts expectations. The GGR figure rose 15.6% from March and was the highest since January 2020, before the pandemic’s impact. On a year-to-date basis, GGR is up 141% versus the same time last year, reaching $6.12 billion.
Macau casino stocks experienced gains following the GGR report. JPMorgan believes Macau’s recovery is still in its early stages, and the firm maintains Overweight ratings on the following:
- Las Vegas Sands (NYSE:LVS)
- MGM Resorts International (NYSE:MGM)
- Melco Resorts (NASDAQ:MLCO)
- Wynn Resorts (NASDAQ:WYNN)
Roth MKLM analyst Ed Engel anticipates that Macau’s six operators will report quarterly results in the coming weeks, with management teams expected to discuss quarter-to-date trends that could serve as a catalyst for the group.
Of the aforementioned stocks, analysts appear to expect the most from MGM Resorts, as its average price target of $56.11 per share implies almost 22% upside potential.
