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The firm now expects 2023 Macau market gross gaming revenue (GGR) to recover to 60% of 2019 levels for this year, up from the 45% estimate previously, driven by (1) mass market recovery to 85% of 2019 levels, up from prior 65%, and (2) VIP recovery to 20% of 2019 levels, up from 13% previously.
Las Vegas Sands price target was raised to $73.00 from $67.00 while maintaining a Buy rating. Meanwhile, Wynn Resorts price target was raised to $99.00 from $78.00 while maintaining a Neutral rating.
UBS’ 2023 total net revenue estimate for Wynn Resorts moved to $6.2 billion from $5.7B prior, mostly driven by updated Macau estimates, with some upside from better-than-expected Boston performance in Q1. As a result, its 2023 total EBITDA estimate moved up to $1.6B from $1.1B prior.
For Las Vegas Sands, UBS raised its 2023 EBITDA estimate to $2.3B, from $1.4B previously, above the Street estimate of $2.1B.
