[ET Net News Agency, 14 February 2020] Although there have been no new confirmed
cases of the infection of coronavirus since Macau casino's 15-day closure began on 5
February, Jefferies Research said near-term risks include an extension of casino closure
and weak initial gaming revenue due to visa restrictions.
The research house lowered its GGR (gross gaming revenue) forecasts to reflect
coronavirus impact with slower recovery into 2Q before stronger 2H from pent-up travel
demand. It estimated GGR declines -16% in 2020 (1H/2H growth at -41.2%/10.4%) before
rebounding 9.2% in 2021.
Jefferies also lowered its target prices for the casino operators as follows:
Name Rating Target Price
---------------------------------------------------
Galaxy Ent (00027) HOLD HK$54.00 from HK$58.00
MGM China (02282) BUY HK$17.00
Sands China (01928) BUY HK$45.00 from HK$49.50
Wynn Macau (01128) HOLD HK$18.60 from HK$19.00
(KL)
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01128 WYNN MACAU
Nominal 
7.570 +0.130 (+1.747%) Others
14/02/2020 14:39
{I-bank focus}Extension of casino closure near-term risk
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