(Bloomberg) — A sharp increase in the number of visitors to Macau has led to an upgrade in analysts’ earnings outlook for casinos, even as the prospect for the broader Chinese market remains tepid. The number of arrivals in July topped 2.7 million, returning to the monthly average before the pandemic hit.
Forward earnings estimates for a Bloomberg Intelligence gauge of Macau shares have steadily increased this year, while those for the MSCI China Index have barely gained. Despite the hit earlier from typhoons, numbers for the second half of September are recovering well and October bookings are “strong,” according to Morgan Stanley analysts. Daily gross gaming revenue is expected to reach 750 million patacas ($93 million) for the Golden Week holiday period, they said.
–With assistance from David Ingles.
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