Macau casino revenue falls sharply

Macau casino GGR down 9pct in August govt

Macau casino GGR down 9pct in August govt

Macau gross gaming revenue dropped 8.6% Y/Y to 24.3B patacas ($3.0B) in August, according to data from the Gaming Inspection and Coordination Bureau. This is a drop of 8.6 percent, the sharpest decline in revenues for 2019.

The figure was slightly lower than July's monthly revenue of 24.4 billion panaceas.

JPMorgan Chase & Co. attributed the lackluster results, which was below its estimate of a 4%-6% decline, to softer demand from high rollers, the U.S.

In their Q2 reports, various operators reported falls in VIP revenue, including Wynn Resorts. Of the first eight months of this year, gaming revenue expanded for four months and contracted for four months, failing to sustain momentum either way. With Macau's economy reliant on mainland tourism and its currency indirectly pegged to the USA dollar, the special administrative region is particularly vulnerable to shocks to the world's two largest economies.

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Well-heeled gamblers have been affected by the sluggish economy and more are staying away from baccarat tables, cutting short over two years of sustained gaming revenue growth at the beginning of the year. China's crackdown on mobile and online gambling apps has also deterred certain VIP players, analysts believe.

Weekend jaunts to Macau has also likely dropped due to people staying home as protests rage on the streets in Hong Kong.

Still, while the Hong Kong unrest has disrupted transportation and tighter regulatory scrutiny of Macau's junket operators has hurt overall earnings, the weakness is cyclical and temporary, JPMorgan said. The Hong Kong International Airport, in particular, was closed for several days due to the pro-democracy protests.

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