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Bond Market News
Macau Dollar Bonds Move Lower Amid Tariff Escalations; View the List of Popular Gaming Bonds
April 14, 2025
Macau’s dollar bonds have been impacted amongst others over the past week amid the ongoing US-China tariff escalations. Research company CreditSights notes that tariffs are expected to have a limited direct impact on Macau’s gaming sector, as it primarily caters to domestic tourists from mainland China. CreditSights, however, warns of potential secondary effects, including geopolitical tensions and rising costs affecting budget-conscious visitors. Following President Trump’s tariff hike on Chinese imports to 145%, negative sentiment has impacted Macau bonds, as seen in the table below. While risks to China’s projected 4.7% GDP growth for 2025 have increased, CreditSights maintains a broad positive outlook for Macau gaming, citing stable operator performance and upcoming projects. They note that EBITDA is expected to remain steady or improve for Sands China, MGM China, and Melco, driven by renovations and new offerings. Also, they expect free cash flow to remain positive in FY2025, though weaker for most operators due to higher capex, with Sands China as an exception. Overall, improved leverage and debt metrics are anticipated as EBITDA strengthens and debt levels decline.
In this light we have provided a list of Macau casino/gaming bonds with their current price, yield, and credit ratings, sorted by the biggest price moves observed over the past week.
For more details, click here
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