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Morgan Stanley cuts Galaxy Entertainment’s earnings forecast
Morgan Stanley believes that Galaxy Entertainment may not earn revenues as high as anticipated.
This is because, following the inauguration of a new section of their casino, Galaxy didn’t receive as many customers as they were expecting. Morgan Stanley has consequently cut its projection for the price of Galaxy’s stock by seventeen percent.
In December of last year, Phase 3, a new area of Galaxy Entertainment’s casino, debuted with a greater emphasis on conventions and events than on gambling. Nevertheless, fewer people than anticipated visited this new section.
Additionally, Morgan Stanley predicts that Galaxy’s earnings in the first quarter of 2024 would likely be lower than those in the final quarter of 2023. About HK$2.9 billion ($370 million) is what they estimate Galaxy will make, which is less than what they made in the first quarter of 2019.
However, if Galaxy begins to see an increase in clients in the second half of 2024, Morgan Stanley may reconsider and become more optimistic. Because Galaxy has demonstrated strong financial management and is well-capitalized, some investors view it as a safer investment, particularly in light of the current tensions in China.
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