jul22
Macau irá manter o estatuto de maior mercado do jogo em casino do mundo, anteviu Bill Hornbuckle, presidente e CEO da MGM Resorts International, accionista maioritária da MGM China, durante uma mesa redonda no canal televisivo da CNBC. Antes da pandemia, Macau tinha “sete, oito vezes a escala de Las Vegas”, afirmou o responsável da MGM Resorts, segundo um extracto da discussão citado pelo portal GGRAsia, acrescentando que se “voltar para metade, para começar e mais algum depois… é o maior mercado do jogo do mundo” e “será para sempre”. Além de Hornbuckle, que também é presidente da MGM China, a mesa redonda contou ainda com a participação de Robert Goldstein e Craig Billings, CEO da Las Vegas Sands e Wynn Resorts, respectivamente, e será transmitida esta quarta-feira. No extracto da discussão, Billings afirmou por sua vez que “a única coisa” que o “mantém acordado à noite sobre Macau” é a situação dos funcionários da Wynn Macau. “Essencialmente, eles estão lá retidos há anos. É muito, muito difícil, e eu aprecio tudo o que eles fazem por nós”, frisou. Já Goldstein previu que a recuperação do jogo em Macau poderá ganhar ímpeto este ano ou em 2023. Apesar de admitir que se trata de uma fase complicada, o líder da Sands reiterou que a empresa acredita que terá um “futuro brilhante” na RAEM.
https://jtm.com.mo/local/ceo-da-mgm-resorts-acredita-macau-mantera-lideranca-mundial-jogo/
jul22
2024!
Macau’s mass market sector will reach just 30% of 2019 levels this year and only fully recover in 2024, according to Moody’s Investors Service.
In a Thursday note, Moody’s analysts noted that Macau’s mass segment – expected to comprise its core business in future given the demise of VIP – remains heavily reliant on tourist numbers which remain suppressed due to COVID-19 prevention measures.
As such, mass GGR will only reach 30% of 2019 levels this year, down on the 37% achieved in 2021 and “reflecting the very weak year-to-date performance and following the recent jump in COVID-19 cases and week-long closure of nonessential business venues including casinos.”
https://www.asgam.com/index.php/2022/07/15/macau-mass-market-recovery-only-in-2024-moodys/
jul22
The risk of actual credit default by Macau casino operators is slighter than the respective risk of rating downgrade, said S&P Global Ratings, in a live Thursday online briefing, via Hong Kong.
Macau’s casinos are currently experiencing a period of zero day-to-day gaming revenue amid a week-long shutdown due to a Covid-19 outbreak in the city.
Aras Poon, an associate director of S&P Global, fielded a question during the briefing, about the risk of credit downgrades and even defaults among Macau names.
https://www.ggrasia.com/macau-op-default-risk-less-than-downgrade-risk-sp/
jun22
Macau’s tourism industry must foster change and improvement, Secretary for Economy and Finance, Lei Wai Nong, said at a parliamentary plenary.
During the long discussion, where even the parliament’s president made his voice heard in seeking a conclusion on the topic, Lei for once again threw out punchlines, as he said, “A past map may not point out future destinations.”
At the same occasion, several lawmakers asked questions related to tourism. For example, lawmakers Wong Kit Cheng and Angela Leong asked about reviving the industry, while Pereira Coutinho asked about Japan’s risk classification on Macau.
https://macaudailytimes.com.mo/lei-wai-nong-citys-tourism-industry-needs-repositioning.html
JAN22
Apesar dos esforços do Governo para diversificar a economia, os efeitos positivos não vão ser sentidos a curto prazo, por isso, o jogo vai continuar a ser o principal motor da economia este ano. O alerta foi deixado por Kwan Fung, académico da Universidade de Macau formado em Economia, em declarações ao jornal do Cidadão.
Em 2021, as receitas do jogo cresceram 43 por cento, face a 2020, para os 86,86 mil milhões de patacas, mas Kwan Fung indicou que o valor não deixa de ser reduzido face às expectativas. Segundo o académico, o crescimento relativo de 43 por cento não pode ser encarado como muito positivo, porque o montante de 2020 tinha sido muito baixo, e que qualquer subida iria sempre apresentar uma percentagem aparentemente grande.
No mesmo sentido, o académico recordou as estimativas mais conservadoras dos departamentos de Economia e Centro de Estudos de Macau da Universidade de Macau, que tinham considerado que no ano passado as receitas brutas do jogo iriam ultrapassar 90 mil milhões de patacas.Sobre a recuperação da economia, o académico indicou que vai depender dos efeitos da pandemia e restrições fronteiriças, do número de turistas e de jogadores. Contudo, não deixou de notar que a redução acentuada do sector dos grandes apostadores pode influenciar o ritmo da recuperação, uma vez que este segmento era responsável por uma parte considerável das receitas dos casinos.Quanto ao futuro, Kwan Fung afirmou acreditar que o Governo vai trabalhar empenhadamente para atingir a diversificação a longo prazo. Enquanto tal não é possível, considera que Ho Iat Seng vai apostar em algumas medidas sociais a pensar nos grupos mais desfavorecidos, mesmo que tal implique que o orçamento da RAEM continue a registar défices e a recorrer às reservas acumuladas ao longo dos anos.
https://hojemacau.com.mo/2022/01/05/economia-academico-defende-que-recuperacao-depende-do-sector-do-jogo/
dez21
Investment bank Morgan Stanley has likened uncertainty around Macau’s gaming market and subsequent depression of share prices to the start of January 2016, with the next 12 months likely to resemble the recovery trajectory seen six years ago. In a Tuesday note, Morgan Stanley analysts Praveen Choudhary, Gareth Leung and Thomas Allen noted a number of similarities between now and then, with the current market cap of US$58 billion only just above the US$53 billion seen in January 2016 – to this day the lowest it has been since mid-2011. That 2016 level followed the imposition of Chinese President Xi Jinping’s ant-graft crackdown, which dealt a huge blow to Macau’s previously dominant VIP sector. “GGR growth in 2022 should drive outperformance like 2016,” the analysts said. “Macau stocks’ market cap bottomed in January 2016, roughly 12 months after GGR growth year-on-year bottomed at -50% in early 2015. But by January 2016, GGR growth rate was -20% and it was visible at that time that year-on-year would turn positive sometime in the later part of 2016. This drove a material stock price rebound of 26% year-on-year in 2016.
https://www.asgam.com/index.php/2021/12/15/macau-set-for-2016-like-recovery-from-2022-morgan-stanley/
nov21
Macau is not likely to see a new $5 billion property anytime soon beyond Galaxy’s Lot 4 project, with operators expected to leverage their existing assets to address emerging and underserved market sectors and maximize existing customers, says Lee Montaina, managing director of Westar Architects International Macau Limited. Pre-2014, during the boom days for Macau gaming, the city’s gaming concessionaires were scrambling to meet unfettered gaming demand from Mainland China. We saw the grand opening of Wynn Palace and The Parisian Macao in 2016, MGM Cotai and Zaha Hadid-designed Morpheus Hotel in 2018, and Grand Lisboa Palace which opened this year, just to name a few. “Every property was trying to ‘top the next thing,” said Montaina in an interview with Asia Gaming Brief. https://agbrief.com/news/macau/29/11/2021/new-5-billion-property-not-on-the-cards-for-macau-soon-montaina/?utm_source=Asia+Gaming+Brief&utm_campaign=29a5476e30-&utm_medium=email&utm_term=0_51950b5d21-29a5476e30-69255637&ct=t()&goal=0_51950b5d21-29a5476e30-69255637
dez21
The Macau gaming market will “probably be bumpy over the next six or 12 months” amid travel restrictions linked to the Covid-19 pandemic, said on Wednesday the chief financial officer (CFO) of MGM Resorts International, the United States-based majority owner of Macau casino operator MGM China Holdings Ltd. “I think it’s going to improve, but it’s unknowable at this point how quickly that will improve,” said Jonathan Halkyard. . The CFO noted, referring to the Macau market’s third-quarter earnings season for the six operators there: “We all saw the revenues that were reported recently, operating at kind of 30 percent of 2019 levels – though sequentially it was a bit better – this is a market that has been impaired by the travel restrictions into it, and that’s going to last for a while.” https://www.ggrasia.com/six-months-plus-of-bumpy-biz-for-macau-mgm-resorts-cfo/
nov21
Segundo um relatório da Fitch Ratings, as receitas do jogo têm melhorado em locais que adoptaram uma estratégia de convivência com o COVID-19. A agência de notação financeira antevê uma recuperação mais lenta em Macau, em relação à Austrália e Singapura, e semelhante à da Malásia. https://jtm.com.mo/local/politica-de-zero-casos-atrasa-jogo-diz-fitch/
nov21
Casino jurisdictions with a “‘living with the coronavirus’ mentality” and “faster vaccination rollouts” relative to other places, have seen improving gaming revenue, while casino jurisdictions that rely on inbound visitors from China, are having a “challenging” time, says a report from Fitch Ratings Inc.
Authorities on the Chinese mainland and in Macau have adopted a zero-tolerance approach to Covid-19. Macau has had three rounds of mass testing of its population, after infection cases were detected locally.
The detected cases led to tightening of rules for travel between the mainland and Macau, coinciding with pauses in recovery for the city’s casino gross gaming revenue, a number of analysts has said.
Macau, the only place in China where casinos are legal, has a largely quarantine-free travel arrangement with the mainland. https://www.ggrasia.com/casino-places-living-with-covid-recovering-best-fitch/
nov21
China’s ‘zero-COVID’ policy will hinder the recovery of Macau’s gaming sector in 2022 relative to others markets in the region that have accepted its endemic nature, rating agency Fitch Ratings indicated in its 2022 Outlook: Global Gaming report.The country’s strict ‘zero-COVID’ policy – which applies to Macau and Hong Kong – entails locking down entire cities if a single case is detected, coupled with mass testing of entire cities and ever-changing severe travel restrictions. Still, the credit agency noted that if travel resumes to normal with Mainland China and Hong Kong faster than its gradual recovery assumptions, Macau revenues should ‘outperform’. https://www.macaubusiness.com/chinas-zero-covid-policy-to-hinder-macau-market-gaming-recovery-in-2022/
nov21
Macau observers are noting an increasing disconnect between the number of incoming tourists and gross gambling revenue, pointing to a changing demographic in those visiting Macau. “There is a changing demographic amongst the Mainland Chinese visitor,” said gaming consultant Ben Lee, managing partner of IGamiX Management & Consulting. “They are younger and there are more females.”“About 30 to 40 percent of them are young women and they do not gamble,” he said. Bernstein Research noted in September last year that there was a divergence between arrivals and GGR, with a follow up report in April suggesting that the reason was a “lower value customer pick up” as VIPs stayed away. “Is this market dynamics because of big discounts being offered on rooms to a demographic that doesn’t mind the tests and questions about whether they are coming to gamble?” said Lee. “Or is that that China is deciding which people can come?” He adds there is anecdotal evidence of China refusing to renew the passports of some premium mass and VIP gamblers in a deliberate manipulation of the visitor profile. https://agbrief.com/news/macau/09/11/2021/new-macau-traveller-less-likely-to-gamble/
More than a third of respondents to a recent survey by Asia Gaming Brief said they don’t expect Macau to ever return to its 2019 pre-pandemic GGR.
When respondents were asked where they thought 2022 full-year GGR will land – these answers ranged from between $8 to $24 billion, with most respondents marking $20 billion as their tip, indicating a healthy, but not rapid rebound towards 2019 revenue.
However, when respondents were asked what year they expect Macau to return to its pre-pandemic GGR, at least 36 percent of respondents answered with “Never”. https://agbrief.com/news/macau/10/11/2021/covid-recovery-is-pre-pandemic-ggr-a-pipedream/
Social distancing rules and changes in consumer preferences due to Covid are helping to prove a theory that casino slot optimization experts have held for some time. https://agbrief.com/news/australia/03/10/2021/covid-changes-accelerate-casino-slots-optimization/
observers also note a disconnect between the number of incoming tourists and gross gambling revenue.“There is a changing demographic amongst the Mainland Chinese visitor,” said gaming consultant Ben Lee, managing partner of iGamiX Management & Consulting. “They are younger and there are more females.” “About 30 to 40 percent of them are young women and they do not gamble,” he said. Lee’s comments on the demographics stem from observations on the ground, which have been backed up by talks with casino operators. Bernstein Research noted in September last year that there was a divergence between arrivals and GGR, with a follow up report in April suggesting that the reason was a “lower value customer pick up” as VIPs stayed away. The big question is why? “Is this market dynamics because of big discounts being offered on rooms to a demographic that doesn’t mind the tests and questions about whether they are coming to gamble?” said Lee. “Or is that that China is deciding which people can come?” LI NK
O Produto Interno Bruto (PIB) “inverteu a tendência decrescente”, ao registar um acréscimo anual de 69,5% em termos reais no segundo trimestre deste ano, o que representa a primeira subida homóloga em 27 meses, segundo dados da Direcção dos Serviços de Estatística e Censos (DSEC). Após ter crescido 4,1% no quarto trimestre de 2018, o PIB teve variações anuais negativas durante nove trimestres consecutivos, que se agravaram substancialmente em 2020 devido ao impacto da pandemia.Contudo, este regresso a “terreno” positivo deve-se em grande parte à baixa base de comparação do segundo trimestre de 2020, quando as actividades económicas foram abaladas pelas restrições fronteiriças, observou a DSEC. Além disso, entre Abril e Junho de 2021, a economia local beneficiou do acréscimo contínuo da procura externa, associado ao “controlo incessante da situação pandémica”. https://jtm.com.mo/local/pib-voltou-subir-nove-trimestres-depois/
Singapore is preparing to reopen borders and substantially ease local COVID-19 restrictions after becoming one of the first jurisdictions globally to fully vaccinate 80% of its population. The Ministry of Health issued an update on Sunday confirming that 80% of people had now received two doses of COVID vaccine, while 83% has received at least one dose. The milestone is expected to see Singapore move from the current “preparatory stage” of its COVID-19 recovery plan to “Transition Stage A”, with more businesses to reopen, social activities to resume and eased border restrictions to allow the resumption of some travel.~https://www.asgam.com/index.php/2021/08/30/singapore-hits-80-vaccination-milestone-prepares-for-reopening/
Lucrative severance packages offered by several casinos and junket operators in China’s gambling enclave of Macau suggest the city's high rollers expect the downturn caused by the COVID-19 pandemic will last well into next year.
In April, Galaxy Entertainment offered casino floor staff a one-time payment of $47,500—about a year’s salary—if they volunteered to quit. In May, Melco Resorts incentivized staff to take voluntary redundancy by offering 12 months’ pay and, in June, junket operator Suncity Group approved voluntary redundancy packages equal to 15 months’ pay.
https://agbrief.com/which-casinos-are-open-2/
Macau gaming analysts have revised down their GGR estimates for the remainder of 2021 as the SAR continues to face headwinds from COVID-19 spot fires across mainland China and a slower than expected reopening of the border with Hong Kong.
The revised estimates follow publication of Macau’s July GGR results on Sunday, with revenues up 29.2% over June but still down 65.6% versus July 2019 at MOP$8.44 billion (US$1.05 billion). Analysts had been predicting a decline of closer to 60%.
July’s results saw Deutsche Bank’s Carlo Santarelli revise down its estimates for the September quarter by 21.0% from US$4.28 billion to US$3.38 billion. The new estimate would represent a 62% decline on 3Q19 but 452% improvement over the same period last year. https://www.asgam.com/index.php/2021/08/02/covid-19-lag-sees-analysts-revise-down-2021-macau-ggr-estimates/
Morgan Stanley has added its take to analysts predicting a rosy future for Macau, saying the gambling hub will come back stronger than before due to lower expenses and a better operating mix. The firm said due to the cost cutting and higher margin business from the premium and mass market sectors, gross gambling revenue only needs to get to 80 percent of its prior levels for EBITDA to be back where it was pre-pandemic. As a whole, Macau’s operators have cut operating expenditure by about 35 percent since 2019, with Melco Resorts & Entertainment leading with a 46 percent reduction. Staff costs, excluding Melco, are down 17 percent, while there has been an 8 percent reduction in headcount. Galaxy Entertainment saw the biggest drop in number of employees. https://agbrief.com/headline/macau-seen-coming-back-stronger-from-covid-ms/?utm_source=Asia+Gaming+Brief&utm_campaign=d677bc1a90-&utm_medium=email&utm_term=0_51950b5d21-d677bc1a90-69255637&ct=t()&goal=0_51950b5d21-d677bc1a90-69255637&mc_cid=d677bc1a90&mc_eid=31e20475e6
Brokerage J.P. Morgan Securities (Asia Pacific) Ltd says there is still long-term value in Macau casino stocks, although the sector’s recovery is taking longer than previously forecast. The recovery has been negatively impacted by recent Covid-19 cases in mainland China’s Guangdong province, and delays in the establishment of a “travel bubble” with Hong Kong, it stated. In a note issued on Monday, analysts DS Kim, Derek Choi and Livy Lyu stated that channel checks by the brokerage suggested that a pick-up in demand was already taking shape. “Our checks suggest upbeat summer holidays, with encouraging feedback on the level of player inquiry and booking,” the JP Morgan team wrote. https://www.ggrasia.com/macau-recovery-story-not-broken-only-delayed-jp-morgan/
Fitch Ratings Inc says it expects Macau’s gross gaming revenue (GGR) to recover to 2019 levels, i.e., those before the onset of the Covid-19 pandemic, by 2024. Such a scenario “may prove conservative given current trends,” said the institution in a Tuesday report. The report focused on U.S.-based casino operator MGM Resorts International, and was issued following the company’s announcement last week that it had reached an agreement to acquire, for nearly US$2.13 billion, the remaining 50 percent stake in CityCenter, in Las Vegas, Nevada. Once the deal is finalised, MGM Resorts is to sell CityCenter to funds under private equity management firm The Blackstone Group, for US$3.89 billion in cash, and lease back the Aria Resort and Casino and Vdara Hotel and Spa within the complex. https://www.ggrasia.com/fitch-expects-macau-ggr-at-pre-covid-19-levels-in-2024/
À luz do artigo 303.º da Lei Penal da República Popular da China, que prevê que quem organizar deslocações de cidadãos chineses para a participação em jogos de fortuna ou azar no estrangeiro deve ser punido, Au Kam San alertou para os perigos que a norma representa para o sector do jogo em Macau, nomeadamente para as salas VIP dos casinos. O democrata falava na reunião plenária de ontem da Assembleia Legislativa (AL).Apesar de a China ter ressalvado que a norma não se aplica a Macau, o deputado democrata diz que a alteração à lei chinesa “transforma o modo de funcionamento das salas VIP num acto criminoso” que, segundo Au Kam San, “não podem continuar com o modelo de actividades adoptado até agora”. “As condições de exploração do jogo em Macau vão certamente alterar-se de forma significativa”, aponta o deputado, acrescentando que isto “pode mesmo significar que a era dourada desta indústria, que tem vindo a subir em flecha há mais de uma década, vai ficar para trás”.
https://pontofinalmacau.wordpress.com/2021/06/17/au-kam-san-alerta-que-era-dourada-do-sector-do-jogo-em-macau-pode-ter-os-dias-contados/
The Labour Day Golden Week has boosted May gross gaming results by 24.3 per cent when compared to the prior month to some MOP10.4 billion (US$1.3 billion), the highest monthly amount since the pandemic started, data published today (Tuesday) by the Gaming Inspection and Co-ordination Bureau (DICJ) reveals.
The holiday period between May 1 and 5 reported the highest daily visitor numbers in the SAR since the pandemic started and average daily revenues of some MOP600 million, however, numbers quickly subsidised in the remaining of the month.
The Morgan Stanley banking group has cut by 19 percent its estimate for Macau market casino gross gaming revenue (GGR) generated this year. The bank said its downward revision was due to “continued delay” in easing of travel rules relating to movement between Hong Kong and Macau, and between mainland China and those places. https://www.ggrasia.com/morgan-stanley-cuts-its-macau-2021-ggr-forecast-by-19pct/
Macau Shows Robust Rebound for Those Who are Truly Patient in New Morgan Stanley Report. https://www.onlinecasinoreports.com/articles/macau-shows-robust-rebound-for-those-who-are-truly-patient-in-new-morgan-stanley-report.php
Following the end of a Labour Day Golden Week that saw the highest number of daily visitor entries since the pandemic started, a Fitch Ratings senior consultant told Macau News Agency the rating agency still believes the SAR is en route to achieve at least half of gaming revenue volume reported in 2019 Following a 56 per cent plunge in 2020, Fitch Ratings’ has forecasted that the Macau SAR will see a 53 per cent GDP economic rebound in 2021 based on estimates that gross gaming revenues will recover to nearly half of the pre-pandemic levels. https://www.macaubusiness.com/sar-can-still-achieve-half-of-pre-pandemic-annual-gaming-revenue-tally-in-2021-fitch/
Rising mass visitation, high VIP hold push Macau GGR to MOP$300 million per day.
The SAR’s gaming operators will likely only see a full recovery in revenues to pre-pandemic levels by 2023, brokerage Union Gaming states in a report. The gaming consultancy predicts that aggregate revenue and EBITDA return should return to 90 per cent and 95 per cent of 2019 levels by 2022, assuming VIP recovers to 50 per cent and mass by 105. https://www.macaubusiness.com/full-gaming-market-recovery-likelly-only-in-2023-brokerage/
Las Vegas Sands Chairman and CEO Rob Goldstein said the company “firmly believes” the Macau market will recover and will benefit in the future from infrastructure developments throughout the Greater Bay Area. Writing in the group’s 2020 annual report, Goldstein said the opening of the Hong Kong-Zhuhai-Macao Bridge was a “major milestone” that will help Macao grow tourism and MICE business in the years ahead. Goldstein said the company will continue to follow its late founder Sheldon Adelson’s vision in investing in its Macau properties. So far it has spent $15 billion on building its four Macau IRs and will continue with targeted investments. https://agbrief.com/headline/sands-ceo-says-infrastructure-development-to-benefit-macau/?utm_source=Asia+Gaming+Brief&utm_campaign=f59a8c30fc-&utm_medium=email&utm_term=0_51950b5d21-f59a8c30fc-69255637&ct=t()&goal=0_51950b5d21-f59a8c30fc-69255637&mc_cid=f59a8c30fc&mc_eid=31e20475e6
“According to our estimate, 20 percent of all Asia (ex-Macau) mass revenue could come back to Macau by 2022,” stated analysts Praveen Choudhary, Thomas Allen and Gareth Leung. The institution estimated – based on industry data and its own research – that Asia-Pacific casino gross gaming revenue (GGR) for mass-market table games and slots, generated outside the Macau (pictured) market, was about US$10.3 billion in 2019. http://www.ggrasia.com/apac-casino-market-share-lost-to-macau-by-2022-ms/
“Macau tem vivido com alguma ‘tranquilidade’ há mais de um ano devido à COVID-19, por isso, creio que é oportuno pensarmos no futuro. Este sistema de jogo vai continuar? Macau é uma cidade turística com jogo, mas os complexos turísticos que contêm elementos não jogo, por exemplo, gastronomia e eventos de entretenimento, obtiveram melhores resultados em termos do fluxo de pessoas e dos volumes de negócios”, observou Carlos Siu, sustentando que os casinos com elementos não jogo mais atractivos registarão sempre melhores resultados durante a pandemia.
A título de exemplo, apontou o caso dos casinos satélites, que atravessaram momentos muito difíceis devido à ausência quase total de visitantes. “Normalmente, os casinos satélites não têm nenhuma instalação de diversão sem ser o jogo. Têm poucos restaurantes, servem apenas para as pessoas jogar, comer e dormir. Durante a pandemia, notei que um quarto nesse tipo de hotéis caiu para menos de 100 patacas. Parece que recuámos muito no tempo”, disse.
Além disso, segundo o académico, a experiência de jogar bacará em diferentes casinos não é muito diferente, uma vez que está presente em todos os espaços de jogo. “É necessária uma inovação dos elementos de jogo, oferecer novas experiências e mais inspiração aos clientes, para que eles regressem no futuro. Por isso, os casinos devem ter instalações apelativas e o seu serviço tem de ser muito bom. Creio que devem oferecer serviços para os visitantes do Interior da China poderem fazer uma pausa na sua vida muito ocupada no dia-a-dia”, referiu.
https://jtm.com.mo/local/nao-podemos-ter-pressa-na-revisao-da-lei-jogo/
Lawrence Ho Yau Lung, chairman and chief executive of casino operator Melco Resorts and Entertainment Ltd, says Macau’s casino sector could start showing recovery signs in “mid-to-late March”. He forecasts that “sometime in the second quarter” the market might start displaying “some normalisation”. Mr Ho made the comments during the group’s conference call on Thursday to discuss fourth-quarter earnings. “We remain optimistic on the recovery in Macau and continue to expect increased visitation in the near-term,” he said. http://www.ggrasia.com/melcos-lawrence-ho-hopeful-on-macau-recovery-in-march/
nvestors in Macau casino stocks are looking beyond the current phase of market comeback, preferring to be focused on a possible “recovery in second half 2021 and rebound in 2022 with respect to potential normal operating environment and stock price performance,” says a Tuesday memo from Sanford C. Bernstein Ltd. Junket VIP play could “continue to face significant headwinds in 2021 and into 2022,” wrote analysts Vitaly Umanksy, Tianjiao Yu and Kelsey Zhu. http://www.ggrasia.com/investors-see-2h-macau-gain-rebound-2022-bernstein/
anking group Morgan Stanley has reduced by about 10 percent its 2021 estimate for Macau casino gross gaming revenue (GGR), to the equivalent of nearly US$23.7 billion. It adds that its new estimate represents about 65 percent of Macau’s 2019 GGR level, but is below investor consensus at 70 percent.
GGRAsia asked several commentators on the Asia-Pacific industry to give their thoughts on what opportunities have arisen from the crisis, that might benefit the sector in 2021 and beyond.
2020 pandemic forced casinos to evolve: experts: “Many companies had no choice but to take a fresh look at how they do business, how to attract, serve and retain customers, whose service, health and safety expectations had changed irrevocably,” he added. One particular effect of the crisis has been to increase operator and consumer interest in electronic table games (ETGs).
http://www.ggrasia.com/2020-pandemic-forced-casinos-to-evolve-experts/
urisdictions benefiting from local support will continue to outperform in the first half of next year, with destination markets such as Singapore, Macau and Las Vegas, likely to begin a faster pace of recovery in the second half once vaccines become more widely available, Fitch Ratings said. In its 2021 outlook for global gaming, Fitch points out that next year is likely to continue to be affected by targeted measures, such as temporary closures and operating restrictions. However, it doesn’t expect the impact to be as severe as it has been in 2020. LINK
A brokerage says it is “now not assuming” VIP gross gaming revenue (GGR) in Macau will “recover before 2023,” until there is “more visibility around junket liquidity and demand”. “VIP in 2021 – and to a lesser extent some premium mass – could be negatively impacted by continued tighter capital controls and customer and agent concerns about dealing with junkets,” said a Friday report from Sanford C. Bernstein Ltd. http://www.ggrasia.com/macau-vip-comeback-maybe-only-2023-sanford-bernstein/
“I believe that all concessionaires are now thinking about switching their current development methods to strengthen the development of non-gaming elements. Some [gaming] measures also need to be changed.” Expanding on such measures, Leong suggested downplaying the distinction between VIP and mass market players. “Every guest is our VIP,” she said, “I believe in the future, no matter how much a guest spends, he or she should be treated as our VIP from the moment they enter our integrated resorts. “In terms of non-gaming elements, we need to think about how to match the current development of the country, especially the development of the Greater Bay Area. “We need to think about how to increase our tourists, and what they expect to enjoy when they arrive. In addition to the gaming industry, is there any other better environment to increase the number of tourists coming to Macau and spending more? That’s what our current strategy focuses on.” Leong said this strategy should also be employed as a means of responding to recent reports of a crackdown on cross-border gambling by mainland China. “We must change our way of thinking,” she continued. “Instead of worrying about the visitors not coming, we’d better think how to bring them back. We all need to discuss how to develop in the future. That’s why we’re having today’s seminar, with scholars from mainland China discussing issues with us. We need to think outside the box.” https://www.asgam.com/index.php/2020/11/04/sjms-angela-leong-says-rapid-recovery-from-virus-pandemic-needs-new-approach-to-macau-gaming-and-non-gaming-development/
Macau’s casino gross gaming revenue (GGR) for 2021 might only reach MOP130 billion (US$16.28 billion), i.e., 44.5 percent of 2019′s MOP292.5 billion, as “harsh” economic conditions are likely to persist, and recovery from the Covid-19 pandemic will “take time”, says the city’s government in its budget proposal for the fiscal year 2021. The city’s budget proposals are typically conservative when forecasting the community’s aggregate take from gambling operations in the following 12 months. The 2021 fiscal budget would – like retrospectively that of 2020 – be “in the red”, as it would be “hard to diminish within a short term”, the effects wrought on the local economy by the pandemic. According to the 2021 budget plan – to be debated soon in the city’s Legislative Assembly – Macau’s take from gaming tax proper – levied at 35 percent of gross gaming revenue (GGR) – is expected to reach MOP45.5 billion for the fiscal year 2021. Other charges levied on GGR take the effective local tax rate on gaming to nearly 40 percent, although the difference is not reflected in the city’s actual fiscal budget. http://www.ggrasia.com/2021-casino-ggr-may-be-45pct-of-2019-says-macau-govt/
investment giant JP Morgan Securities Asian branch is defining the forest with expectations of annual gross gaming revenues for Macau's 39 casinos to reach up to $36.58 billion--for 2022.
Recovery in 2022?
GGRAsia originally reported that the Hong Kong-based organisation made the projections official with a filing last week indicating an increase of 0.3% over 2019's $36.47 billion.
Macau's Struggles
While the assumption that the collapse is solely corona-related may be too narrow, Macau has nonetheless recorded six consecutive months of 90% year-on-year drops in GGR with the tally for Q1-3 down 82% lower year-on-year from 2019—down to a paltry $4.83 billion.
Barriers to Recovery
JP Morgan Securities clarified that the downturn during the pandemic has been exacerbated by “mounting uncertainty” in the VIP sector and delays in visa arrangements for mainland Chinese tourists.https://www.onlinecasinoreports.com/articles/jp-morgan-predicts-recovery-in-macau-but-how-will-the-mainland-acquiesce.php
Gradual improvement in Macau’s gross gaming revenue (GGR) levels should serve as a “tailwind” to drive up pricing of Macau gaming stocks, says Deutsche Bank Securities Inc. “We believe continued improvement in sequential (weekly/monthly) GGR trends will serve as a tailwind for Macau stocks, including Las Vegas Sands (LVS), with much if not all, of the bad news priced in, in our view,” wrote Deutsche Bank analysts Carlo Santarelli and Steven Pizzella in a Monday memo. https://www.ggrasia.com/investor-view-on-macau-clouded-by-china-signals-db/
Revenue from Macau’s mass market baccarat reached MOP$1.88 billion (US$235 million) in the three months to 30 September 2020, up 77.4% on the previous quarter according to figures published by the Gaming Inspection and Coordination Bureau on Friday. The improvement follows a recent easing of border restrictions between Macau and mainland China, with the Individual Visit Scheme reinstated for residents of Zhuhai from 12 August, for all of Guangdong Province from 26 August and the rest of China from 23 September. https://www.asgam.com/index.php/2020/10/18/mass-baccarat-revenue-shows-77-sequential-increase-in-3q20-vip-baccarat-up-56-as-covid-recovery-begins/
The Macau gaming industry has been stalled after nearly two decades of growth. While the local casino activity has resumed, the demand for gaming appears to remain weak. There has also been a resurgence of COVID-19 cases in Asia, and that could prompt another city-wide lockdown and thus imperil the business recovery of Macau casinos. In addition, the recent anti-gambling efforts taken by China will inevitably have a direct impact on the gaming developments in Asia. Though Macau is the only place in China where casino gaming is legal, the local gaming industry and especially the VIP junket business are certainly no exception to the national policy. Amid the ongoing coronavirus disruption and economic slump, patrons might not be gambling the way they were before the pandemic. The COVID-19 crisis, coupled with China's anti-gambling rules, could have punctured a long-run casino boom in Macau and across Asia. Macau casino operators are also facing the 2022 concession expiry and the looming re-tendering. It is, however, expected that drastic cuts in staff and services appear highly unlikely at this stage. Despite the challenges and uncertainties, casino executives remain cautiously optimistic while acknowledging that the pandemic has an adverse effect on the industry outlook over the short to medium term. Admittedly, the gaming industry has yet to see recovery, and the mass return of travelers and patrons to Macau is still uncertain in the midst of the pandemic. Most casinos nevertheless continue to make investments in talent, technology, and their development projects. With the resumption of Chinese visitation and the gradual lifting of coronavirus restrictions, the forthcoming revenues generated by Macau casinos are set to serve as an industry barometer for assessing the full impact of COVID-19. Moreover, the casino activity in Macau could provide a glimpse of the future for other gaming jurisdictions currently facing the pandemic and the post-COVID-19 recovery. https://www.liebertpub.com/doi/10.1089/glr2.2020.0023
Opinion remains divided over the long-term outlook for Macau’s junket industry. “Macau in 5 to 10 years down the line will be far less reliant on VIP – and that’s a good thing,” says Tash, who supports operators placing more focus on its higher-margin mass segments in the coming years.
Others still consider VIP, be it junket-led or direct, to be an important tool in steering Macau towards quality of visitation over quantity. Either way, there are undoubtedly going to be short-term challenges as the gaming industry starts the long road back from COVID-19 – a road not helped by China’s latest crackdown on gambling-related capital outflow.
According to Credit Suisse analysts Kenneth Fong, Lok Kan Chan and Rebecca Law, the VIP system will “substantially scale down over the next few years, dragging the pace of recovery,” as a result of the crackdown. They add, “Unlike in 2010-14, when the central government had targeted corruption, this time around, Beijing is targeting gambling activities. This hurts big players demand, affects junket debt collection, and blocks funding channel for big players. According to the State Council Information Office, it could be a three-year campaign until 2022.” Although Beijing’s regulatory tightening on gambling activities and capital outflow is aimed more at maintaining China’s financial stability than specifically targeting Macau, the analysts noted recent reports that some big players had been stopped at the border and asked to declare they would not gamble while in Macau, placing a significant burden on demand. https://www.asgam.com/index.php/2020/10/04/junkets-unmasked-part-2/
A sign Beijing is once again ramping up its anti-corruption rhetoric, combined with an increased focus on capital outflows are likely to be further factors hindering recovery in Macau, analysts said. Despite the fact that China allowed visitation to Macau to resume from Sept. 23, so far demand has not picked up as quickly as had been expected. In the first four days of the key Golden Week holiday, there has been a drop of 87.4 percent in visitors, compared with the prior year. Analysts at Bernstein note there has been a resurgence of rhetoric against corruption over the summer, with an increased number of investigations targeting state-owned-enterprise executives and sub-ministerial level individuals. “We see risk that the CCP may be embarking on a second wave Anti-Corruption campaign,” the note said. https://agbrief.com/headline/anti-corruption-drives-capital-flow-focus-add-to-macau-woes/?utm_source=Asia+Gaming+Brief&utm_campaign=daf8b283a9-AGB+%23001634+Tuesday+06+October+2020&utm_medium=email&utm_term=0_51950b5d21-daf8b283a9-%5BLIST_EMAIL_ID%5D&ct=t%28AGB+%23001634+Tuesday+06+October+2020%29&goal=0_51950b5d21-daf8b283a9-%5BLIST_EMAIL_ID%5D&mc_cid=daf8b283a9&mc_eid=%5BUNIQID%5D
Research conducted by The Macau Research Centre has shown that only one-third of visitors from mainland China to Macau during the first week of September had spent time gambling during their stay. The research, which follows the resumption of the Individual Visit Scheme for all residents of Guangdong Province on 26 August, included discussions with 107 mainland visitors between 1 and 6 September. Of those, 67.3% came from Zhuhai city and the remainder from other cities in Guangdong Province. IVS for the rest of China resumed on 23 September although the first approvals aren’t expected until 30 September https://www.asgam.com/index.php/2020/09/28/research-shows-only-33-of-macau-visitors-participated-in-gambling-after-ivs-resumption/ 28/9 Less than 20 per cent of tourists surveyed who came to Macau after the resumption of the individual visa scheme claimed to have come mainly for gambling, according to a Macau Research Centre study. The survey questioned 107 tourists between September 1 and 6 in local border checkpoints about their travel and consumption purposes in Macau. https://www.macaubusiness.com/gambling-purposes-only-motivated-less-than-20pct-of-tourists-after-visa-scheme-resumption/
set20
dicou Sales Marques, acrescentando que o teste de ácido nucleico à entrada dos casinos poderá fazer com que “essas expectativas não sejam atingidas” e afastar turistas das salas de jogo. https://pontofinalmacau.wordpress.com/2020/09/23/economia-local-pode-dar-um-salto-com-regresso-dos-vistos-para-todas-provincias-chinesas-dizem-analistas/
Macau Recovery Depends on Mass Market, VIPs ‘Under Pressure,’ Says Credit Suisse. Rebound hopes for Macau’s still ailing gaming industry lie squarely with mass market players, as tighter regulatory controls potentially crimp VIPs, according to Credit Suisse. Beijing is cracking down on junkets and money transfer channels often used by high-end gamblers looking to move cash from the mainland to the gaming center and back again. Those efforts could hinder Macau’s aspirations for a post-coronavirus recovery while putting an unusually large burden on ordinary gamblers to move the needle. This hurts big players demand, affects junket debt collection, and blocks funding channels for big players. According to the State Council Information Office, it could be a three-year campaign until 2022,” said Credit Suisse. https://www.casino.org/news/macau-recovery-wont-be-led-by-vips-says-credit-suisse/
“It is important to not cut costs excessively and therefore adversely impact our ability to deliver upon customer service standards when business returns,” noted Mr Lui in comments in the firm’s interim report, filed on Friday with the Hong Kong Stock Exchange. In an August 13 webcast, following the firm’s second-quarter results, Francis Lui Yiu Tung, the group’s vice-chairman, had said the company had reduced its daily spending by about 26 percent quarter-on-quarter, to “US$2.5 million” in the three months to June 30, compared to “about US$3.4 million” daily in the three months to March 31. http://www.ggrasia.com/galaxy-cuts-careful-for-sake-of-recovery-says-chairman/
Average Macau daily casino gross gaming revenue (GGR) in the first six days of September was nearly double the average daily rate across the whole of August, according to a Monday note from brokerage Sanford C. Bernstein Ltd. The institution estimated – based on what it termed “channel checks” – that the average daily rate for September 1 to 6 inclusive was around MOP83 million (US$10.4 million), compared to around MOP43 million in full August, meaning a sequential improvement of circa 94 percent. http://www.ggrasia.com/macau-early-sept-daily-ggr-near-double-aug-daily-bernstein/
Investors and others should be cautious about relying on too-rapid a comeback of Macau gambling revenues once tourists from greater Guangdong and the rest of mainland China start to return, says casino industry consultant Ben Lee, managing partner of IGamiX Management and Consulting Ltd, in comments to GGRAsia. Guangdong residents beyond Zhuhai can start applying for Individual Visit Scheme (IVS) exit visas from Wednesday (August 26), while IVS applications for residents of designated cities in the rest of China will restart on September 23. The IVS scheme and tour group visa scheme had been suspended in late January, to prevent the spread of the novel coronavirus linked to Covid-19. http://www.ggrasia.com/do-not-assume-rapid-macau-comeback-with-ivs-consultant/
Macau’s six operators are likely to be able to break even on the EBITDA level by mid-Autumn as China renews individual visit scheme visas, according to Bernstein Research. The firm says the operators should be able to break even once revenue returns to about 35 to 40 percent of Q4, 2019 revenue. LINK
A reabertura de fronteiras com a província de Guangdong e a capacidade de Macau recuperar receitas com o mercado chinês colocam o território em vantagem para uma recuperação do sector do jogo a médio e longo prazo. Apesar das medidas de restrição impostas pelas autoridades nos casinos, Glenn McCartney acredita que a recuperação de Macau “será mais rápida” do que em Las Vegas. O professor de Gestão Internacional de Resorts Integrados da Universidade de Macau, Glenn McCartney, considerou que a recuperação da indústria do jogo local irá superar a de Las Vegas devido a vários factores, nomeadamente o número de casos diários registados no Nevada em comparação com a ausência de casos em Macau há várias semanas. https://pontofinalmacau.wordpress.com/2020/08/07/recuperacao-do-sector-do-jogo-em-macau-vai-ser-mais-rapida-que-em-las-vegas/
Macau’s casino operators should reach break-even EBITDA in 3Q20, according to Morgan Stanley analysts, thanks to lower daily operating expenses and the easing of border restrictions with Guangdong Province. In a Tuesday note, analysts Praveen Choudhary, Gareth Leung and Thomas Allen estimate daily EBITDA will creep into the black to the tune of US$160 million in the current quarter, similar to 1Q20 levels and a significant improvement over the expected combined Macau industry EBITDA loss of US$1.07 billion for 2Q20. https://www.asgam.com/index.php/2020/07/22/macau-operators-to-reach-break-even-ebitda-in-3q20-morgan-stanley/
The sharp downturn caused by Covid-19 has not altered the underlying structural reality that the future of Macau gaming lay much more with the mass market than with VIP, according to a new report issued by Bernstein Research. Bernstein projects that it will take several years for Macau GGR to fully recover from the impact of Covid-19, but by 2023E it will reach new heights, recording US$47 billion, led by 8 percent CAGR from the mass market. By that point, mass should be contributing 78 percent of incremental growth. In 2011, the contribution of mass to GRR was only 27 percent, but it has surged ahead of VIP over the past decade, and Bernstein projects that this trend will continue as Covid-19 subsides. LINK
Is Macau Finished? Only Recovery Can Tell https://www.onlinecasinoreports.com/articles/is-macau-finished-only-recovery-can-tell.php
The reopening of Hong Kong’s borders to Macau and Guangdong Province could be aimed for October Golden Week, leaving Macau’s gaming operators with a lengthy wait before returning to profitability, according to investment bank Jefferies. In a research note published Wednesday, Jefferies analyst Andrew Lee lowered his GGR forecast to reflect a 70% year-on-year decline for FY20, down from a previous forecast of a 45% fall, based largely on delays to a proposed three-way trave bubble between the three jurisdictions. https://www.asgam.com/index.php/2020/07/23/hong-kong-border-delay-to-constrain-macau-ggr-recovery-until-october-golden-week-jefferies/
Indústria do jogo em Macau não pode regressar aos níveis anteriores à pandemia sem vistos turísticos, adverte analista. Num artigo de opinião publicado no portal Casino, o especialista Todd Shriber assinalou que a reabertura das fronteiras entre Macau e a província de Guangdong foi um “impulso muito necessário” para a revitalização do sector, mas frisou também que Pequim precisa de reactivar a polícia dos vistos turísticos para uma revitalização efectiva do turismo e da indústria do jogo. “Actualmente, Macau recebe uma média diária de 2.000 visitantes, o que veio confirmar que o fim da política de quarentena de Guangdong teve algum impacto. No mês passado, as entradas diárias na região administrativa especial atingiram uma média de apenas 752 pessoas, e a taxa diária após o encerramento das fronteiras por causa da pandemia foi de 700 a 900 desde Fevereiro”, escreveu Todd Shriber. https://pontofinalmacau.wordpress.com/2020/07/22/industria-do-jogo-em-macau-nao-pode-regressar-aos-niveis-anteriores-a-pandemia-sem-vistos-turisticos-adverte-analista/ +https://www.casino.org/news/macau-visits-are-on-the-rise-but-more-help-is-needed/
Macau’s gross gaming revenue could quickly reach up to 25% of 2019 levels following Monday night’s long-awaited news that the 14-day mandatory quarantine requirement imposed by Guangdong Province on all visitors from Macau will be removed from 15 July. And that figure could jump to 70% of pre-COVID levels should the Individual Visit Scheme be reinstalled in the near future, according to analysts. https://www.asgam.com/index.php/2020/07/14/macau-ggr-to-reach-25-of-pre-covid-levels-on-easing-of-guangdong-border-restrictions-analysts/
Macau’s Gaming and Inspection Coordination Bureau (DICJ) will require all people entering casinos to submit negative test results for COVID-19 and hold “green” health codes from midnight at the start of 15 July. The DICJ also requires gaming operators to conduct body temperature checks on all people entering casino floors, and must comply with fresh air ventilation standards. https://www.asgam.com/index.php/2020/07/13/macau-requires-all-people-must-show-negative-covid-19-results-when-entering-casinos/
Average daily revenue in Macau in the first few days of July is down 91 percent from the same month last year, though is up about 193 percent from June, according to research from Bernstein. Gross gambling revenue from July 1 to July 5 was MOP0.35 billion, the firm said, warning that for the month as a whole there is still very little clarity as to when border restrictions may be lifted. https://agbrief.com/headline/macau-adr-shows-signs-of-improvement-from-june/?utm_source=Asia+Gaming+Brief&utm_campaign=c3ae2fe76e-AGB%23001512-23APR20_COPY_01&utm_medium=email&utm_term=0_51950b5d21-c3ae2fe76e-%5BLIST_EMAIL_ID%5D&ct=t%28EMAIL_CAMPAIGN_AGB%23001512-23APR20_COPY_01%29&goal=0_51950b5d21-c3ae2fe76e-%5BLIST_EMAIL_ID%5D&mc_cid=c3ae2fe76e&mc_eid=%5BUNIQID%5D
The Covid-19 outbreak in Beijing reported two weeks ago by Chinese state media could “push back” the loosening of the travel restrictions currently depressing inbound tourism to Macau, says a Monday note from brokerage Sanford C. Bernstein Ltd.
The Macau government said last week all travellers that have been in Beijing in the two weeks prior to arrival in Macau would be required from June 17 to undergo a mandatory 14-day quarantine.
Sanford Bernstein said in its latest commentary it was “sceptical” that China’s Individual Visit Scheme (IVS) for outbound visas, allowing citizens in selected cities to travel to Macau and some other places, could restart by July. http://www.ggrasia.com/july-timing-for-china-visas-to-macau-gloomy-analysts/
Macau’s gaming and integrated resort operators should prepare for the borders to remain closed during this year’s summer holiday period, according to director of the Macau Government Tourism Office (MGTO), Maria Helena de Senna Fernandes. While the MGTO is working with the hospitality industry to offer more promotions for local residents in August, Senna Fernandes told media on Wednesday that border restrictions won’t be easily loosened during the summer and that visitors would therefore be unable to enter freely. “It is expected that border controls would remain limited in the short term,” she said. “Chinese or foreign visitors are unlikely to enter Macau, visitation will be limited to certain groups of visitors.” https://www.asgam.com/index.php/2020/06/18/mgto-director-says-operators-should-prepare-for-a-quiet-summer-holiday/ A directora dos Serviços de Turismo (DST) estima que o sector só regressará ao normal, isto é, registando os números do final do ano passado, em 2023.Num programa do “Ou Mun Tin Toi”, Maria Helena de Senna Fernandes salientou que vários destinos turísticos no mundo não prevêem retomar o funcionamento normal do sector a curto prazo, apontando para uma retoma parcial. Assim, o regresso à normalidade deverá começar nos locais mais próximos do território. https://jtm.com.mo/local/recuperacao-turistica-apontada-para-2023/
15/6
Restrictions on border crossings into Macau will not likely be lifted by the end of June, according to analysts from Bernstein Research. While there has been some loosening of border crossing restrictions, such as allowing applications for residents to cross the Macau-Zhuhai border for official purposes, or urgent/special reasons (now temporarily suspended due to a high number of applications), most restrictions between Macau, Hong Kong, and China are still firmly in place. Bernstein notes that there have been a very low number of cases in Guangdong and Hong Kong, however, there have been some concerns raised around several new local transmissions over the last two weeks in Hong Kong. LINK
Macau could see an “explosive” rebound in gaming demand from mainland Chinese patrons once the current border control measures enacted in both Macau and China are lifted, probably in stages, Mr Ma stated. “The reopening of [mainland] borders with Macau remains the biggest uncertainties now. But border crossing conditions will gradually normalise, and by then Macau would see an explosive rebound in [gaming] demand from mainland China, as this demand has been pent up for quite some time already,” he stated. http://www.ggrasia.com/fresh-virus-cases-stemmed-on-mainland-macau-investor/
Why Las Vegas May Bounce Back Faster Than Macao
The Macau casino market’s “new normal”, once tourists come back to the city in larger numbers, might “not be as good for grind mass” as it would be for so-called premium mass, said a Monday memo from banking group Morgan Stanley. “The new normal driven by social distancing is particularly negative for grind-mass business due to restriction of three gamblers per table,” said the institution.
There are various scenarios about visitation that could play out. At this stage, we are not likely to see a robust IVS opening this month. As such, GGR would likely see another 90%+ y/y decline. However, Guangdong and Hong Kong customers are critically important, driving around 35-40% of Macau GGR. Assuming full reopening of Guangdong and Hong Kong, and demand returning to normal levels, GGR could return to 35-40% of normal, under which condition most operators in Macau would start being EBITDA positive.Once the phasing of reopening begin, we expect a steady recovery, led by the high-end. This should allow operators with more high-end exposure (i.e., Melco and Wynn) to fundamentally outperform in the initial recovery phases. Bernstein
Mainland China has resumed processing both Individual Visit Scheme (IVS) and group tour travel visas to the SARs, according to an official announcement issued by the police department of Chongqing.
Chongqing city is one of the four municipalities under the direct administration of the Central Government of China. https://macaudailytimes.com.mo/chongqing-announces-resumption-of-visa-issuance-to-sars.html
2/6
Possible reduction in the amount of space available for casino operations in the aftermath of the Covid-19 crisis might put fresh revenue pressure on casino technology suppliers, says a Tuesday note from Union Gaming Securities LLC. Referring to those markets that had a lengthy period of shutdown, analysts John DeCree and Sam Ghafir wrote: “We fear that less floor space post reopening will lead to incrementally more competition for said floor space and hurt supplier pricing power even further.” http://www.ggrasia.com/casino-suppliers-tussle-for-less-floor-post-virus-note/
O presidente e CEO da Melco, que falava numa conferência com analistas para análise dos resultados financeiros do primeiro trimestre, deixou transparecer alguma insatisfação relativamente às autoridades de Hong Kong. Macau tem sido “arrastado” por Hong Kong, atendendo à estratégia de reabrir as fronteiras entre as duas regiões ao mesmo tempo que com o Continente chinês, indicou. “A Chefe do Executivo de Hong Kong mencionou a possibilidade de abrir Guangdong juntamente com Macau, e apesar não registar um caso há mais de 35 dias, Macau está provavelmente à espera de Hong Kong. E ainda mais infeliz é o facto de Hong Kong ter começado a ter alguns casos de transmissão local nos últimos dias”, acrescentou. https://jtm.com.mo/local/lawrence-ho-elogia-macau-critica-hong-kong/
The date when the Macau casino market can get back to the sort of levels seen before the Covid-19 pandemic is “slipping by the day,” said Lawrence Ho Yau Lung (pictured in a file photo), the chairman and chief executive of casino group Melco Resorts and Entertainment Ltd. He appeared to link that with the time it was taking for travel to normalise between Macau and mainland China. As of Thursday Macau had gone 36 days without a case of Covid-19. Mr Ho also said the firm remained committed to getting a casino licence in Yokohama, Japan, and added he could not “speculate” why Las Vegas Sands Corp, also a rival in the Macau market, “is not pursuing the opportunity” of a casino in Japan. He made the comments on his firm’s first-quarter earnings call on Thursday. The group made a loss of US$364.0 million, compared to a net profit of nearly US$120.1 million in first-quarter 2019 http://www.ggrasia.com/date-for-macau-comeback-still-unclear-lawrence-ho/ is right to lament the fact that Macau’s border reopening appears to be dependent on Hong Kong, which hasn’t been able to contain the coronavirus as well as Macau did. (Macau INC)
O analista David Green disse esta quinta-feira à Lusa que Macau tem mais armas que Las Vegas para superar a crise do jogo causada pela Covid-19, porque tem avultadas reservas financeiras e pode contar com as apostas dos jogadores VIP. https://observador.pt/2020/05/07/macau-tem-mais-armas-que-las-vegas-para-superar-crise-diz-analista/
7/5
Despite the current negative performance, management at Wynn Resorts and Wynn Macau stated it was optimistic that business could resume once travel restrictions into and out of Macau are eased. The group pointed to domestic tourism volumes in mainland China during the recent Labour Day holiday as a sign of demand for tourism products. “We saw Chimelong’s resort, just a stone’s throw from Macau, absolutely packed over the main holiday,” noted Ian Coughlan, president of Wynn Macau Ltd. That was reference to themed-park Chimelong International Ocean Resort, located next door to Macau on Hengqin island – a piece of mainland territory touted by the mainland authorities as a non-gaming tourism centre to complement Macau. Mr Coughlan added: “There are people that want to come [to Macau's casinos] and once the border [restrictions] ease, we will have players.” http://www.ggrasia.com/wynn-macau-losing-us2mln-a-day-optimistic-about-rebound/
1/5
1/5
27/4
Macau’s gaming concessionaires may see a “sequential recovery” in gross gaming revenue throughout 2021, according to Union Gaming, a boutique investment bank and advisory firm focused on the global gaming industry.
Union Gaming, which has taken a more conservative view than some other analysts, suggests that such a recovery would manifest in the city returning to about 80% of the gross gaming revenue level of 2019 by next year. https://macaudailytimes.com.mo/analysis-gaming-even-conservative-casino-prediction-puts-80-revenue-recovery-in-sights.html
24/4
23/4
Management presented a very bullish outlook on Macau recovery trends, citing that when travel restrictions are lifted, a strong recovery in late fall is likely. Management was less bullish on Singapore and Las Vegas recovery trends (in that order), all of which is in-line with our view. In Macau, the recovery comes in two stages: 1) lifting of 14-day quarantine requirement in the Greater Bay region; 2) restart of IVS visa issuance which management expects to come in phases with potentially Guangdong province opening first, followed by the rest of China. Bernstein Quick Take: LVS / Sands China - Bullish outlook on Macau recovery, ample liquidity, well positioned for rebound
(ver tambem IMPACTOS)
