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Friday, January 03, 2020 4:03:28 PM
By: Barron's | January 2, 2020
Macau’s luck may change in 2020.
Although gross gaming revenue plunged 13.7% in December from a year ago, the global casino hub could be poised for a turnaround this year, with Wynn Resorts and Sands China expected to be the biggest beneficiaries of the change in fortune.
“As 2019 drew to a close, we believe the persistent headwinds are easing and could potentially pivot to become tailwinds into 2020,” Jefferies analyst Andrew Lee wrote in a note Wednesday.
The December drop in gross gaming revenue was largely attributed to Chinese President Xi Jinping’s three-day visit to Macau at the end of the month to celebrate the 20th anniversary of Macau’s handover to China, which meant increased security and visa restrictions.
Macau was also more broadly impacted in ...
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