Morgan Stanley: Macau Up Cycle Likely Held for Several More Years (GGR Asia)

Macau’s gaming market is in an up cycle that started in mid-2016, and which is likely to continue “for the next few years”, says a report from Morgan Stanley Asia Ltd.

Giving possible reasons why the Macau market had not yet peaked, analysts Praveen Choudhary and Jeremy An stated: “Many of the indicators are at a discount to what we saw in the last peak (first quarter 2014) including table and slot yields (win/unit/day), staff cost inflation, marketing and advertising costs, and valuation.”

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