Likely some impact on gaming revenues by Hong Kong protests, but not significant
Thursday 26 de September 2019 / 02:09
⏱ 1 min read
(Hong Kong).- Analysts at Sanford C. Bernstein have indicated that protests in Hong Kong likely will have some impact on gaming revenues, but will not be significant, with the upcoming visit in December by Chinese President Xi Jinping to the city also seen to have a low scale impact on results.
The brokerage expected gaming results to remain low for the rest of the year, due to a continuation of factors impacting high-end gaming during the year, with President Xi to only have a temporary visit during his one week or so visit around December 20 for Macau’s 20th handover anniversary and the swearing-in of new Chief Executive, Ho Iat Seng.
Local gross gaming revenues dropped 1.9 per cent year-on-year in the first eight months of this year to some MOP198.2 billion (US$ 24.5 billion).
Bernstein estimated gross gaming revenues to drop 4 per cent year-on-year in the third quarter of 2019 and fall 5 per cent in the last quarter of the year, with VIP GGR to fall considerably year-on-year by 21 per cent and 17 per cent, respectively.
The brokerage also noted that mass GGR continues to show growth but is showing ‘deceleration’, estimating mass results will rise over 10 per cent in Q3 2019 and over 5 per cent in Q4 2019.
‘While GGR growth has been slowing, there are a series of reasons for the GGR slowdown, largely, the U.S.–China trade war, a soft Chinese economy, RMB depreciation, lack of player liquidity, noise around Macau junket Suncity,’ the brokerage indicated in a note.
‘The tightness in hotel room supply is also a factor that has been constraining GGR growth. After all, Macau GGR, especially VIP GGR, has been slowing since mid-2018, when U.S.–China trade relations began to turn sour,’ Bernstein analysts added.
Categoría:Gaming
Tags: Sin tags
País: Hong Kong
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