Tag Archives: Macau

Galaxy Entertainment (HKG: 0027 / OTCMKTS: GXYEF): Macau’s Best Casino Stock Positioned for Growth

Cash rich Galaxy Entertainment (HKG: 0027 / OTCMKTS: GXYEF) is one of the world’s leading resorts, hospitality and gaming companies. It primarily develops and operates a large portfolio of integrated resort, retail, dining, hotel and gaming facilities in Macau. The … Continue reading

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Maybe Oct Before Meaningful Macau Casino Biz: JP Morgan (GGR)

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Macau July GGR Lowest Month Since 2003 Show Govt Data (GGR Asia)

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Most Macau Casinos Reopen But Business Seen Bleak (GGRAsia)

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After a 15-year Hot Streak, Macao’s Casino Owners May Have to Pay Up (Nikkei Asian Review)

The Nikkei Asian Review cover story this week is a comprehensive analysis of Macao’s economy. In 2017, the city had an estimated per capita GDP of $110,000 on a purchasing power parity basis, according to the CIA’s World Factbook, making it … Continue reading

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Morgan Stanley: Macau Up Cycle Likely Held for Several More Years (GGR Asia)

Macau’s gaming market is in an up cycle that started in mid-2016, and which is likely to continue “for the next few years”, says a report from Morgan Stanley Asia Ltd. Giving possible reasons why the Macau market had not … Continue reading

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Moody’s Changes Macau’s Outlook to Stable From Negative (Moody’s)

Moody’s Investors Service has affirmed Macao’s local and foreign currency issuer ratings at Aa3 and changed the outlook to stable from negative. The factors driving the rating affirmation and stable outlook are Moody’s expectations that: The preservation of fiscal and … Continue reading

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Nomura: “Slow Grind” Recovery Needed for Macau

Japanese brokerage Nomura has issued a research note saying the likely solution to Macau’s casino gaming troubles could be similar to that for Las Vegas: A “slow grind” recovery based on the mass market, rather than the high roller trade … Continue reading

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Wynn Palace Will Outperform Other Macau Casino Developments (Fitch)

Fitch Ratings has affirmed the Issuer Default Ratings (IDRs) of Wynn Resorts, Limited (NASDAQ: WYNN) and all of its subsidiaries rated by Fitch at ‘BB’. Fitch also believes that the $4.2 billion Wynn Palace will outperform other casino developments on Cotai: … Continue reading

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Moody’s Downgrades Macao to Aa3 with Negative Outlook (Moody’s)

Moody’s Investors Service has downgraded Macao’s government issuer rating to Aa3 from Aa2 and assigned a negative outlook. Moody’s also lowered Macao’s long-term foreign currency bond ceiling to Aa2 from Aaa and its long-term foreign currency deposit ceiling to Aa3 … Continue reading

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Why Macau Won’t Unseat Las Vegas Any Time Soon (FitchRatings)

Alex Bumazhny, a director in the US Corporate Finance group at Fitch Ratings, has written a piece outlining some of the issues faced by Macau casino gaming that largely hold the territory back from becoming Las Vegas. The usual cited handicaps, … Continue reading

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Sanford Bernstein: Mass Market is Macau Casino Gaming’s Future (GGRAsia)

A recent report mentioned by GGRAsia about the Macau casino gaming market from a Sanford C. Bernstein Co LLC team headed by strategist Michael Parker and senior analyst Vitaly Umansky, first had this to say about data verse anecdotes: “Macau … Continue reading

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Fitch Ratings: More Negative on Macau Casino Gaming Near-to-Medium Term Prospects

Fitch Ratings’ gaming team visited Hong Kong, Macau, Japan and South Korea during the weeks of April 20th and 27th to met with operators, pachinko companies, consultants and investors along with Macau’s government officials and South Korea’s Ministry of Culture, … Continue reading

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MGM Exec: Selling MGM China Stake Would be Bad Idea (GGRAsia)

A few days ago, Sanford C. Bernstein Hong Kong Ltd’s Vitaly Umansky said at the ongoing Global Gaming Expo (G2E) Asia 2015 conference that several of the current Macau casino operators could become buy outs targets for Chinese investors (see: Analyst: … Continue reading

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Analyst: Macau Casinos Possible Chinese Buy Out Targets (GGRAsia)

Vitaly Umansky, who is a senior research analyst, global gaming for Sanford C. Bernstein Hong Kong Ltd and the former CFO for New Cotai Holdings LLC (a one-time investor in the Macao Studio City project), has told GGRAsia at the … Continue reading

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Macau Casino Boom-Bust Cycle in One Chart (Bloomberg)

Tim Craighead, the head of Asian research at Bloomberg Intelligence in Hong Kong, has noted that as of the end of last week, about $30 billion has been wiped from the value of Macau casino stocks in the past month … Continue reading

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Macau Casino Stocks are Entering a “Multi-year Earnings Decline Cycle” (GGRAsia)

Deutsche Bank AG’s Karen Tang said in a research note on Tuesday that Macau casino stocks are entering a “multi-year earnings decline cycle” due to negative factors such as falling VIP and premium mass play; smaller minimum bets from those … Continue reading

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Sheldon Adelson: Macau VIP Gamers “Below the Radar” Until “Witch-hunt” Levels Off (Macau Daily Times)

On Wednesday, Sheldon Adelson, chairman and CEO of Las Vegas Sands Corp (NYSE: LVS), told an audience of students at the Institute for Tourism Studies (IFT) in Macau that VIP casino gamers are: “…staying below the radar until the Chinese government says … Continue reading

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Macquarie’s Le Cornu Likes Korean Cosmetics, Chinese Insurance Stocks & Macau Casinos (Bloomberg)

Macquarie Investment Management Senior Portfolio Manager Sam Le Cornu recently appeared on “Asia Edge” to discuss the Asian stocks he’s bullish on which include those in the South Korean beauty industry, the Chinese insurance sector and the Macau gaming industry. … Continue reading

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Macau Casino Smoking Ban: Nightclubs to the Rescue? (GGRAsia)

Quoting several brokerages, a lengthy article in GGRAsia says a proposed full smoking ban in Macau casinos, including VIP rooms, will have a negative impact on VIP revenue. For example: DS Kim and Daisy Lu from JP Morgan Securities (Asia … Continue reading

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Why Two Fund Managers Still Believe in Macau Casino Stocks (FE Trustnet)

FE Trustnet recently had an article detailing the exposure of various British funds to the Macau casino gaming market with Omar Negyal, the co-manager of the £174m JPM Emerging Markets Income fund which has 2% of its portfolio in Wynn … Continue reading

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Understanding the Macau Casino Junket System & Why Its on a Losing Streak (WSJ)

There is a must read and lengthy Wall Street Journal article about the troubled Macau casino junket system with the article being accompanied by this short video segment where Kate O’Keeffe explains how the junkets have helped Macau casinos, but … Continue reading

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Fitch Cuts Macau Gaming Revenue Forecast to 4% on VIP Weakness (Fitch)

Fitch Ratings says that continued weakness in the VIP casino gaming segment has contributed to a reduction in the full year 2014 Macau gaming revenue forecast to 4% – down from a forecast of 10% which was already reduced in … Continue reading

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Macau Visitor Numbers Will Keep Growing (GGRAsia)

In what should translate into some good news for the Macau casino gaming sector, the Macau Government Tourist Office head Maria Helena de Senna Fernandes has been quoted by GGRAsia as saying visitor growth is expected to remain at “around … Continue reading

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Are Macau’s Casino Gamblers Reloading for the October Holidays? (MBD)

Macau Business Daily has quoted Union Gaming analysts Grant Govertsen and Felicity Chiang as saying the casino gaming industry is suffering from a VIP gaming slowdown, mainly caused by Beijing’s anti-graft crackdown, and also because the mass market has been … Continue reading

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Newton’s Pidcock: Asian Recovery Just Getting Started (FE Trustnet)

Newton’s Pidcock, the manager of the Newton Asian Income fund, recently explained to FE Trustnet why the rebound in the emerging market sector should continue to gather momentum as markets simply were too cheap by early February. He also talked … Continue reading

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The World Cup Will Likely Hit Macau Gaming Revenue Growth (Macau Business Daily)

The 2014 FIFA World Cup is expected to slow the pace of Macau’s gaming revenue growth in June as gamblers are diverted from casinos to watch and bet on the football tournament according to a recent article in the Macau … Continue reading

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