Jefferies has revised its Macau gaming revenue forecasts, raising the 2023 estimate to $30.78 billion from $28.22 billion, while lowering the 2024 projection to $31.88 billion from $32.92 billion. The adjustment reflects the Macau government's conservative outlook, which expects 2024 gaming revenue at MOP236 billion ($29.4 billion).

The bank noted that while this figure sets a baseline, the cautious tone suggests market challenges in sustaining the high single-digit growth seen this year. Jefferies now projects year-end 2023 revenue growth at 9.1% year-over-year, with 2024 growth revised down to 3.6% from the previous 5% estimate.