{"id":262837,"date":"2023-03-06T12:48:35","date_gmt":"2023-03-06T18:48:35","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=262837"},"modified":"2023-03-06T13:53:42","modified_gmt":"2023-03-06T19:53:42","slug":"mgm-can-win-new-market-share-in-macau-says-bank","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/mgm-can-win-new-market-share-in-macau-says-bank\/","title":{"rendered":"MGM China Can Add Market Share Via Table Games"},"content":{"rendered":"

MGM China can pilfer market share from rivals in Macau on the back of the special administrative region\u2019s (SAR) altered guidelines about table games allotment.<\/p>\n

\"MGM
The MGM Grand in Macau, seen above. Morgan Stanley sees the operator winning market share there. (Image: CNBC<\/em>)<\/figcaption><\/figure>\n

Under Macau\u2019s recently revised gaming laws, concessionaires face limits<\/a> on how many slot machines and table games they can offer at each venue. However, some operators, such as MGM China, can add table games because they were operating below the new limits before the regulations were passed.<\/p>\n

\n

Under the new guidelines, regulators limit slots to 12K devices across Macau casinos and 6,000 table games. While those figures align with the levels seen at the end of the second quarter, they\u2019re markedly below those seen before the coronavirus pandemic. In 2019, there were more than 17K gaming machines at Macau gaming venues and 6,739 table games.<\/p>\n<\/div>\n

Morgan Stanley estimates the MGM Cotai operator has added 197 table games since late 2019 through the start of this year. The company\u2019s other venue in the SAR is MGM Grand Macau.<\/p>\n

“We see [MGM China\u2019s] market share in terms of number of gaming tables increasing from 8% in 2019 to 13% in 2023,\u201d according to the bank. \u201cWe believe MGM mass market share will increase from 10% in 2019 to 13% in 2024.\u201d<\/p>\n

MGM China\u2019s 750 table games across its two Macau venues ties it with rival Melco Resorts on that metric and places it ahead of some competitors, including Wynn Macau. MGM Resorts International (NYSE: MGM) owns 56% of MGM China.<\/p>\n

MGM China Compelling Investment Idea<\/h2>\n

Based on the potential to wrest market share from competitors, MGM China is an attractive investment idea in the eyes of Morgan Stanley.<\/p>\n

\n

Enhancing the stock’s allure is that the admission cost is low when measured against some Macau competitors. Plus, even with recent strength in the group, there\u2019s still room for Macau casino stocks to appreciate because the shares dwell below<\/a> pre-coronavirus highs.<\/p>\n<\/div>\n

MGM China\u2019s \u201cvaluation at 8.8x EV\/EBITDA on our 2024 forecast is a 35% discount to its long-term average multiple since 2012. We view this valuation level as attractive,\u201d added Morgan Stanley.<\/p>\n

Commanding additional attention from mass-market visitors could be pivotal for MGM China because mass and premium mass bettors are driving more of Macau’s recovery than VIPs.<\/p>\n

Other MGM China Perks<\/h2>\n

MGM China\u2019s debt-to-earnings before interest, taxes, depreciation and amortization (EBITDA) is on the higher end of its peer group. But Morgan Stanley believes that\u2019s not a major cause for concern due to the strong cash position of parent MGM Resorts.<\/p>\n

The Las Vegas-based operator recently forecasted it could spend up to $150 million<\/a> this year enhancing its two Macau venues. That\u2019s part of broader expenditures required by Macau law due to the recently renewed concessions.<\/p>\n","protected":false},"excerpt":{"rendered":"

MGM China can pilfer market share from rivals in Macau on the back of the special administrative region\u2019s (SAR) altered guidelines about table games allotment. Under Macau\u2019s recently revised gaming laws, concessionaires face limits on how many slot machines and table games they can offer at each venue. However, some operators, such as MGM China, […]<\/p>\n","protected":false},"author":46,"featured_media":213272,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,81883],"tags":[81913,82205],"acf":[],"yoast_head":"\nMGM Can Win New Market Share In Macau, Says Bank<\/title>\n<meta name=\"description\" content=\"MGM China can win market share from rivals in Macau, according to Morgan Stanely.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/mgm-can-win-new-market-share-in-macau-says-bank\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MGM Can Win New Market Share In Macau, Says Bank\" \/>\n<meta property=\"og:description\" content=\"MGM China can win market share from rivals in Macau, according to Morgan Stanely.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/mgm-can-win-new-market-share-in-macau-says-bank\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-06T18:48:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-06T19:53:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/05\/MGMG-1-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1703\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/mgm-can-win-new-market-share-in-macau-says-bank\/\",\"url\":\"https:\/\/www.casino.org\/news\/mgm-can-win-new-market-share-in-macau-says-bank\/\",\"name\":\"MGM Can Win New Market Share In Macau, Says Bank\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/mgm-can-win-new-market-share-in-macau-says-bank\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/mgm-can-win-new-market-share-in-macau-says-bank\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/05\/MGMG-1-scaled.jpg\",\"datePublished\":\"2023-03-06T18:48:35+00:00\",\"dateModified\":\"2023-03-06T19:53:42+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"MGM China can win market share from rivals in Macau, according to Morgan Stanely.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/mgm-can-win-new-market-share-in-macau-says-bank\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/mgm-can-win-new-market-share-in-macau-says-bank\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/mgm-can-win-new-market-share-in-macau-says-bank\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/05\/MGMG-1-scaled.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/05\/MGMG-1-scaled.jpg\",\"width\":2560,\"height\":1703,\"caption\":\"The MGM Grand in Macau. 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