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    Bernstein is widely recognized as Wall Street’s premier sell-side research and brokerage firm, with a global equity trading platform that spans the U.S., Europe, and Asia.The firm was founded in the U.S. in 1967 and in the U.K. in 1999. Its research and trading capabilities are sought out by leading investment managers around the world.Research has always been Bernstein’s calling card. The brand is defined by our renowned Blackbooks, known for their unbiased, in-depth company and industry forecasts. We have a community of Research Analysts who are acknowledged thought leaders that typically have many years of experience in the industries they cover.

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    Wynn Macau to benefit most from rising premium mass

    Wynn Macau is likely to benefit more than other operators when it comes to the growth of the premium mass sector in Macau, according to analysts from Bernstein in a 160-page report on Wednesday.  Year-to-date, VIP has declined mid-teens percentage as growth in mass has remained above 10 percent.  Bernstein said it expects mass GGR […]

    Macau ADR down in first ten days of November

    The first ten days of November are off to a slow start in Macau, with month-to-date average daily revenue (ADR) down 10 percent year-on-year, according to a note from Bernstein on Tuesday. According to channel checks, Macau GGR for November 1-10 is estimated to be MOP7.5 billion, with mass remaining robust, rising by low double […]

    VIP to make up of one-third of GGR by 2022

    VIP as a percentage of revenues is expected to go down to as low as 34 percent by 2022, according to estimates from Bernstein analysts. In 2011, around 70 percent of gross revenues (including non-gaming) came from VIP. However, this figure fell to only 41 percent in 2018. Bernstein said this is due to the […]

    Protests, Xi Xinping visit not likely to impact GGR: Bernstein

    Protests in Hong Kong and the upcoming December visit by  Chinese President Xi Xinping is not likely to have a significant impact on GGR in Macau, according to analysts from Bernstein Research.  Instead, the softness of the economy and GGR sluggishness is due to macro factors, including the U.S.-China trade war, a soft Chinese economy, […]

    September GGR likely disappointing: Bernstein

    Higher-end gaming is likely to remain tepid in the days leading up, and during the Golden Week holiday, which will likely mean a disappointing GGR month, said Bernstein in a note on Monday.  The brokerage said this is despite solid hotel bookings during Golden Week, as it expects customers to be of “lower quality”, meaning […]
    Macau casino floor

    Macau July GGR forecast cut on lower hold: Bernstein

    Bernstein Research has lowered its forecast for Macau’s July gross gaming revenue, mainly due to an expected lower VIP hold.

    July GGR estimated to reach 2-4 percent growth: Bernstein

    An easing of year-on-year comparisons will see July GGR grow between 2-4 percent year-on-year, say analysts from Bernstein.  According to channel checks from the brokerage, Macau GGR for the first week of July reached MOP5.95 billion (US$741 million), with an MTD ADR of MOP 850 million. The MTD ADR number is up 3 percent compared […]

    Bernstein expects 2-4 percent GGR growth in May

    Analysts from Bernstein are expecting single-digit year-on-year GGR growth for the month of May, boosted by higher Chinese traffic during the Labor Day break. According to channel checks, GGR during the first five days of the month was MOP5.5 billion (US$681.1 million), with MTD ADR of MOP1.1 billion. The ADR number is up 18 percent […]

    Bernstein lowers GGR growth estimates for April

    Analysts at Bernstein have lowered their gross gaming revenue estimates for the month of April, due to materially worse than expected month-to-date revenue. According to Bernstein, as of the second week of April, MTD ADR is down 12 percent compared with March 2019, and down 14 percent compared to April 2018. “ADR for the first […]

    Macau weekly GGR in line: Oct to grow 4-7 pct

    Bernstein analysts have slightly lowered their Macau GGR forecast for October, now estimating the month to post year-on-year growth of 4-7 percent. Last week, Macau weekly GGR came in at MOP 14.3 billion, with MTD ADR of MOP1 billion. Bernstein said the results were 19 percent higher than October 2017 ADR, and 2 percent below […]

    Typhoon Mangkhut dampened otherwise strong Sept GGR

    Macau GGR in September rose only 2.8 percent year-on-year – affected by casino closures during Typhoon Mangkhut and related disruptions. According to data from the Gaming Inspection and Coordination Bureau (DICJ), Macau GGR reached MOP21.95 billion, up 2.8 percent. The amount recorded in September represents a 17.3 percent decrease from August 2018, which recorded GGR […]

    Investors appetite down as GGR decelerates

    Reaction from investors to Macau’s decelerating GGR growth and related headwinds have been more negative than expected, according to Bernstein analysts, who have revised down target prices across Macau stocks on Thursday. Last month, the brokerage noted that investor appetite would be limited in the second half of 2018, with concerns of decelerating growth, the […]

    VIP GGR to benefit from room openings: Bernstein

    Macau’s overall gross gambling revenue is likely to rise about 3 percent to 4 percent in September after disruptions caused by Typhoon Mangkhut, though VIP revenue in the coming week may get a boost from new room openings, Bernstein Research says.

    Near term headwinds to limit investor appetite: Bernstein

    Investor concerns over decelerating growth, the Chinese economy, and the escalation of US-China trade tensions will likely create headwinds for GGR in the short to medium term, said Bernstein in a note on Monday. In 18Q2, GGR grew by 17 percent year-on-year, down from 21 percent in 18Q1 and 21 percent in 17H2. Bernstein said […]

    Macau GGR on track for 15-17 percent growth in August

    Macau gross gambling revenue experienced decent growth in the first week of August, but Bernstein analysts expect the pace to moderate in the coming weeks. According to the brokerage’s channel checks, month-to-date ADR for the first week of August reached MOP 880 million (US$108.9 million), up 20 percent from the similar period in 2017. Month-to-date […]

    July GGR up 10.3 percent year-on-year

    Gross gaming revenue in Macau reached MOP 25.3 billion (US$3.1 billion) in July, representing growth of 10.3 percent year-on-year, according to data released by the Gaming Inspection and Coordination Bureau (DICJ) on Wednesday. The results were below Bloomberg consensus of 11.5 percent and on the lower end of Bernstein estimates of 10-12 percent. Average daily […]

    July GGR on track for 11-13 percent growth: Bernstein

    Macau’s gross gaming revenue is on track for growth of between 11 percent and 13 percent in July, according to analysts at Bernstein Research.

    GGR to decelerate late 2018, investors wary

    The recent underperformance of 18Q2 has shifted investor sentiment of Macau stocks to that of a measured, potentially over cautious stance, according to Bernstein analysts.   With second-quarter GGR below expectation and recent concerns of China’s economic slowdown to create headwinds in the medium term, Bernstein said they have trimmed estimates across the group. Earlier […]

    July GGR headed for 10-12 percent YoY increase

    GGR performance recovered in the first week of July, due partially to two weekends and fewer World Cup matches falling into the period, said a note from Bernstein on Tuesday. Macau GGR MTD was MOP 6.6 billion for the July 1 – 8 period, with MTD ADR of MOP 825 million, up 10 percent year-on-year. […]

    UnionPay crackdown has minimal impact amidst illegal use

    The seizure of UnionPay point of sale terminals (POS) from pawn shops in Macau earlier this month triggered a slide in operator shares on fears of tighter capital controls, though the continued use of illegal devices means there has been little impact on revenue. Two state-owned mainland banks, Industrial and Commercial Bank of China (ICBC) […]

    Morpheus opening and Dragon Boat weekend boosts June GGR

    Bernstein analysts are expecting GGR in the month of June to increase by 21 to 22 percent year-on-year, according to their latest channel checks. Last week, ADR was 15 percent above the similar period last year, helped by a positive Morpheus opening and the Dragon Boat Festival long weekend. Bernstein says it was more than […]

    June GGR tracking for 16-18 percent growth: Bernstein

    Gross gambling revenue is tracking to growth between 16 percent and 18 percent in June if the currently daily rate is maintained throughout the month, Bernstein Research says.

    Regulatory risks on the rise: Bernstein

    The recent crack down on Union Pay terminals along with a wider threat of increased capital controls will likely weigh on sentiment, noted Bernstein on Thursday. Yesterday, the Monetary Authority of Macau in a statement stressed the importance of two policies: banks adopting greater risk management in relationships with businesses through the monitoring of financial […]

    Removal of UnionPay devices sparks capital outflow concern

    Macau authorities, in conjunction with Chinese banks, have been removing China UnionPay point of sale terminals from pawn shops operating in casinos, creating jitters the move may herald a broader attempt to control capital outflows.
    SJM Lisboa

    Macau May GGR rose lower-than-expected 12.1 percent

    Macau’s gross gaming revenue rose 12.1 percent in May, below analysts’ forecasts, with June expected to record a further slowdown as players are distracted by the FIFA World Cup tournament in Russia.

    China spending index flat in Q1, Macau to face H2 comparison headwinds

    An index tracking high-end spending in China was flat in Q1 compared with the prior quarter, with the overall number of macro and industry indicators growing positively roughly unchanged, according to Bernstein Research.

    May GGR on track for 16-17 percent gain: Bernstein

    Gross gambling revenue in Macau is on track to gain between 16 to 17 percent from the same month last year, according to estimates from Bernstein Research.

    Sands, Melco, Galaxy to benefit most from rise of premium market

    Macau gaming operators Sands, Melco and Galaxy are best placed to capitalize on the rise of the Chinese premium market, according to Bernstein Research. The brokerage published its latest report, titled “China Consumer: Where to Play, How to Win… Premium is the New Mainstream,” on Friday, covering the latest trends in premium mass spending, preferences […]

    Gongbei crackdown lowers May GGR forecast

    The recent police operation in Zhuhai which saw illegal currency exchange stores wiped out may impact on May GGR, according to analysts from Bernstein. The crackdown took place in the Gongbei Underground Mall, which was known to be used by travellers between Macau and Zhuhai to exchange currency. Bernstein says this event will likely hurt […]

    Bernstein revises 2018 GGR growth forecast after strong 18Q1

    After a strong first quarter, Bernstein analysts said they now expect GGR growth for the year to reach 14 percent in the year, up from previous estimates of 11 percent. “Into mid-May, Macau has continued to surprise on the upside this year… as premium consumers continue to “consume” gaming in Macau,” wrote Bernstein in a […]

    May first week GGR benefits from Labor Day demand

    Gaming revenue in Macau has reached MOP5.6 billion (US$692.7 million) in the first week of May, with month-to-date ADR up 27 percent from the prior year period. According to a note from Bernstein on Monday, the week’s GGR was helped by the Labor Day holidays, though part of the demand had shifted to April. Mass […]

    Premium consumer class to double by 2025: Bernstein

    Bernstein analysts are predicting the number of China’s Premium Consumer Class (PPC) to increase nearly two fold over the next seven years, reaching 117 million. The estimates was made its in latest “China Consumer: Where to Play, How to Win… Premium Is The New Mainstream,” report, which was released on Tuesday. The 117 million forecasted […]

    Hainan liberalization no threat to Macau for now

    China’s plans to allow the development of horse racing and to expand sports betting on the southern island of Hainan will not include casinos and therefore will not pose a threat to Macau for the foreseeable future, Bernstein Research wrote in a note. Beijing has announced it will establish a free trade zone to boost […]

    Macau April GGR seen up 17 – 21 percent: Bernstein

    Gross gaming revenue for April is expected to gain between 17 percent to 21 percent to a range of MOP23.5 billion ($2.9 billion) to MOP24.4 billion, research firm Bernstein said in a note. The firm said according to its channel checks, average daily revenue month-to-date has been MOP800 million, which is 4 percent lower than […]

    March GGR increases 22.2 percent, above expectations

    Macau GGR beat analyst expectations in March, due mainly to an uptick in VIP during the last week of the month, according to analysts. Gross gaming revenue reached MOP 25.95 billion (US$3.2 billion), representing an increase of 22.2 percent year-on-year compared to 2017. Union Gaming said that while there was a slowdown in GGR during […]

    March GGR trending lower than expected: Bernstein

    Gross gambling revenue for March currently appears on track to record growth of between 9 percent and 12 percent, lower than earlier estimates due to weaker-than-expected month-to-date results, Bernstein said in a research note. The firm said during the week up to March 11, average daily revenue was MOP728 million ($90.2 million), which is more […]

    Bernstein revises 2018 GGR estimates on strong mass and VIP

    Macau gross gambling revenue in 18Q1 is estimated to grow 18 percent year-on-year, driven by stronger year-on-year growth in VIP vs mass, say analysts from Bernstein.  However, there will be some slight deceleration in GGR in the 18Q2 due to slowing VIP demand and a more difficult comparison, but mass should continue to show robust […]

    March GGR seen up as much as 15 percent: Bernstein

    March gross gambling revenue is on track for an estimated increase year-on-year of between 12 percent and 15 percent, assuming average daily revenue of MOP770 million to MOP790 million for the rest of the month, according to Bernstein analysis. For the first week of the month, through to March 4, ADR was MOP750 million, which […]

    Fitch sees Macau GGR growth of 13 percent for 2018

    Fitch Ratings says it expects Macau’s gross gambling revenue to gain 13 percent in 2018, moderating from a 36 percent spike recorded in January. The firm said the outlook takes into account increased table and room inventory, including MGM Cotai, which opened this month and the new Morpheus hotel tower at the City of Dreams […]

    CNY revenue disappoints despite higher visitation

    Gross gambling revenue over the Chinese New Year period was disappointing, despite higher visitation to Macau, according to Bernstein analysis. According to the firm’s channel checks GGR from Feb. 1 to 19 was MOP13.5 billion, making an average daily rate of MOP710 million. The ADR is 16 percent less than January and down 3 percent […]

    CNY hotel room bookings robust: Analysts

    The coming Chinese New Year period may see more hotel rooms booked compared to the previous year, say analysts.  Last year, 930,000 Chinese visitors entered Macau during the seven-day holiday period. Bernstein says it expects occupancy and ADR during the period to be higher than last year comparatively – with a greater number of Chinese […]

    Wynn Palace continues to drive performance in 17Q4

    Casino operator Wynn Macau saw its net profit increase more than 300 percent in the fourth quarter of 2017, reaching $187.2 million, according to a results release on Monday.   Total revenue from the Macau arm reached $1.3 billion in the quarter, compared to only $917.1 million recorded in the year before, while adjusted property […]

    January second week GGR picks up

    The second week of January saw stronger GGR numbers, says brokerage firm Bernstein, which has revised up its GGR estimate for the month. According to the brokerage’s channel checks, Macau GGR reached MOP 11 billion (US$1.4 billion), with ADR of MOP 786 million, up 7 percent over a similar period in 2017. Bernstein said VIP […]

    Wynn and Melco top picks for 2018: Bernstein

    Outsized VIP gains and premium mass strength saw Wynn, Melco and Galaxy “significantly” outperform its Macau peers, according to Bernstein analysts in a note on Friday. Bernstein says its 2018 top picks are Melco and Wynn, with Melco’s growth driven by Morpheus at City of Dreams and continued ramp up at Studio City. Wynn will […]

    January GGR to record 14-16 pct increase: Bernstein

    The first week of January saw month-to-date GGR performing slightly lower than its 2017 counterpart, according to channel checks from Bernstein. While the month-to-date ADR is up by three percent from December, the ADR number is down 10 percent over a similar period (Jan 1-8) in 2016. According to channel checks, the VIP hold rate […]

    VIP growth to slow in 2018: analysts

    While 2017 saw strong VIP recovery, the VIP model is likely to face headwinds going into the second half of 2018, said Bernstein in a Friday note. The firm estimates VIP growth to reach 8 percent in 2018, compared to an estimated 26 percent growth in 2017. Mass however, should remain a secular long-term low […]

    China imposes new Union Pay limits

    China’s State Administration of Foreign Exchange has imposed new restrictions on UnionPay cards, effective on January 1, 2018, though the impact on Macau GGR is expected to be limited. ATM daily and annual cash withdrawal limits per card for both RMB cards and foreign currency cards will be unified to be RMB 10,000 ($1,540) per […]

    Dec. GGR heading for 17-19 percent gain: Bernstein

    Gross gambling revenue in December is heading for a gain of about 17 percent to 19 percent compared with the same month last year, though could surprise to the upside is the Christmas and New Year period is stronger than expected, Bernstein Research wrote in a note. According to channel checks, the firm said GGR […]

    December GGR off to a strong start: Bernstein

    The first ten days of December saw gross gaming revenue in Macau reach MOP8.25 billion (US$1.0 billion), with ADR of MOP825 million, according to the latest report from Bernstein on Monday. The MTD ADR number is 7 percent higher than November ADR, and 20 percent over a similar period in 2016. According to Bernstein’s channel […]

    November GGR “wildly” ahead of expectations

    Macau November GGR came in ahead of analyst expectations again, reaching MOP23 billion (US$2.9 billion), representing a 22.6 percent year-on-year increase, according to data from the Gaming and Inspection Bureau. Bernstein said that the GGR result came in “wildly” ahead of expectations, with implied ADR for the last four days of the month reaching MOP […]

    November GGR expected to increase 18 to 19 pct

    Macau GGR over the last week was in line with expectations, with ADR reaching MOP 743 million (US$92.2 million), up four percent from the previous week, according to Bernstein analysts. Bernstein, which publishes a weekly report on GGR in Macau, noted that month-to-date GGR reached MOP 19.6 billion, while month-to-date AFR was MOP 752 million. […]

    Grand Prix slows Macau GGR as expected

    The Macau Grand Prix led to a slowdown in gross gaming revenue in Macau, with visitors deferring their trips in order to avoid busy traffic and road blocks last week, said Bernstein. Macau gross gaming revenue for the week ended November 19 was MOP 714 million ($88.4 million), down from MOP 807 million in the […]

    No real product diversification on the horizon: analysts

    Meaningful diversification of gaming products will be a long time coming due to the slow turning wheels of regulation, said at panel of analysts at the Macao Gaming Show on Thursday. “Regulators generally are resistant to change. It’s just very hard to introduce new concepts in gaming anywhere in the world beyond what we’ve already […]

    Macau GGR picked up last week, Grand Prix slowdown expected

    Macau GGR was much stronger than expected in the second week of November, with month-to-date figures reaching MOP9.4 billion with an ADR of MOP 779 million, say analysts from Bernstein. The month-to-date AFR is around 9 percent lower than October ADR but 28 percent over a similar period in 2016. Bernstein said that VIP hold […]

    Leong has high hopes for 2017 GGR

    Macau Secretary for Economy and Finance, Lionel Leong says he expects 2017 gaming revenue to be higher than previously forecasted, local media reports. Leong made the comments at a public event on Friday, adding that he estimates gross gaming revenue to see “positive double-digit growth” compared to last year’s results. According to a report from […]

    October GGR rockets up 22.1 percent

    Macau registered a 22.1 percent increase in gross gaming revenue for the month of October, reaching MOP26.6 billion (US$3.3 billion), according to data from the Gaming Inspection and Coordination Bureau (DICJ). The result was above analyst expectations, with Bernstein estimating only a 13-15 percent increase in a note last week. ADR for the month came […]

    October GGR to increase 13-15 percent: Bernstein

    VIP has continued to show strength in October, with the month’s GGR estimated to record a year-on-year increase of 13-15 percent, wrote Bernstein in a note on Monday. According to the brokerage, Macau gross gaming revenue month to date (Oct 1-23) reached MOP 18.8 billion, with an average daily rate of MOP 854 million. The […]

    Melco, Wynn to benefit most from Chinese premiumization

    Macau gaming brands including Wynn and Melco are well positioned for the long-term in China’s growing premium market, says Bernstein. In its latest report titled: “China Consumer: Premium is the new mainstream”, the brokerage points to a growing premium consumer class in China – an estimated 63 million people who are expected to drive sustained […]

    October GGR headed for increase of 12-14 pct

    A latest report from Bernstein shows that Macau’s gross gaming revenue MTD has reached MOP13.8 billion (US$1.7 billion), with an ADR of $919 million. According to the brokerage, the ADR result is above estimates, which is 29 percent higher compared with September ADR and 16 percent higher over a similar period in October 2016. “According […]

    Golden Week GGR mix disappoints; shares drop

    Shares in Macau’s casino operators listed in Hong Kong fell on Monday after figures from the key Golden Week holiday showed a “disappointing” mix in gross gambling revenue. According to Bernstein Research, GGR from Oct. 1 to 8th was MOP8.5 billion ($1.06 billion), which was in line with estimates. The figure is 49 percent higher […]

    Macau loses two non-gaming attractions

    Macau has lost two of its non-gaming attractions this past weekend, with Sands Cotai Central hosting its final Po’s Kung Fu Feast Character Breakfast on Sunday and Studio City closing its House of Magic attraction. Sands announced at the end of September that it ended a deal with Dreamworks Animation to use cartoon characters from […]

    Macau GGR up 16.1 pct, above expectations

    Macau gross gaming revenue grew 16.1 percent in September – ahead of analyst expectations, according to data from the Gaming Inspection and Coordination Bureau. Total gaming revenue reached MOP 21.4 billion (US$2.7 billion) in the month. “The market outperformed despite the traditional pre-October holiday slowdown, as well as the lingering impact of August’s weather events,” […]

    Macau still the preferred casino destination

    Macau is still the easiest and most accessible destination for Chinese tourists to visit casinos, and will remain as a key destination for Chinese outbound visitors, says Bernstein in a Wednesday report. “While reasons for visiting Macau may be varied, gaming is the primary reason for the vast majority of visitors,” noted the brokerage. “Aside […]

    Macau GGR headed for 14-15 pct increase in Sept

    Macau gross gaming revenue is looking to reach MOP21 to 21.2 billion (approximately US$2.6 billion) in September, representing a year-on-year increase of 14-15 percent, according to the latest channel checks from Bernstein. Last week’s ADR was quite robust, reaching $757 million, while VIP hold rate was above normal range, said Bernstein. As of last week […]

    ADR saw marginal recovery last week

    Macau GGR saw a slight uptick last week, with ADR recovering marginally week-on-week as a result of a higher VIP hold rate, said the brokerage.   Gross gaming revenue reached MOP 11.7 billion (US$1.5 billion) in the September 1-17 period,  with MTD ADR is now tracking slightly higher than earlier estimates at MOP 688 million […]

    Melco set to outperform: Bernstein

    The opening of the 780-room Morpheus, continued ramp up of Studio City, and forecasted GGR growth at City of Dreams Manila is set to drive growth for Melco Resorts and Entertainment, according to Bernstein analysts. In a Monday note, the brokerage said it tips the company to outperform, pointing out that City of Dreams Macau […]

    Macau gaming continues to suffer from Hato aftermath

    Macau’s gaming industry continues to be affected by the aftermath of typhoon Hato, with VIP and mass revenue slowed in the first ten days of the month, says Bernstein. While a slowdown in September is expected due to weaker seasonality, the brokerage said a carryon effect from typhoon Hato impacted mass and VIP revenue, which […]

    GGR growth to slow in 17Q4: Bernstein

    Slowing VIP demand may cause GGR growth deceleration as we head closer to the end of the year, says Bernstein analysts. While 17Q2 saw Macau market GGR driven by expanding premium mass and strong VIP demand (up 22 percent year-on-year), Bernstein says it expects this GGR growth to decelerate to 20 percent in 17Q3, and […]

    Analysts revise up August GGR estimate

    Analysts have revised their monthly estimates for gross gaming revenue, with Macau recording strong occupancy rates and room rates in the most recent week (August 14-20). According to a weekly report from Bernstein, Macau saw gross gaming revenue month-to-date reach MOP 15.4 billion ($1.9 billion). ADR for the week was MOP 828 million, with volumes […]

    Bernstein downgrades SJM to underperform, forecasts delay

    Gaming-focused brokerage Bernstein Research has downgraded SJM to underperform (from market-perform), due to an expected delay in its Grand Lisboa Palace and ramp up challenges. “While the stock has rallied 15 percent year-to-date (in line with the Macau group average), in our view this rally is unwarranted. We believe current SJM stock price is overpriced […]

    Studio City applies for IPO

    Studio City International Holdings, the holding company Macau’s Hollywood-themed Studio city, has reportedly filed with the U.S. Securities and Exchange Commission for an initial public offering. Studio City is a joint venture between Melco Resorts and Entertainment, which has 60 percent and New Cotai Holding, which has the remainder. New Cotai is a private company […]

    August GGR estimates hold steady

    Macau recorded gross gaming revenue of MOP9.6 billion (US$856.8 million) between August 1 to 13, recording a slight month-on-month decline in ADR (MOP738 million) compared to July. According to Bernstein, business volume saw a sequential month-on-month increase into the summer holiday, however, MTD VIP luck factor was below the normal range. The brokerage says it […]

    August GGR off to a strong start, VIP and mass volume up

    VIP and mass volume saw an increase in the first week of August, with weekly GGR (August 1-6) reaching MOP4.5 billion, according to a note from Bernstein on Monday. Month to date ADR reached MOP750 million, which was 1 percent higher compared to July ADR and 28 percent over the prior-year period. Assuming an ADR […]

    Anti-corruption activity threatens premium spend

    Increased anti-corruption activity in China over 17Q2 may pose a risk to premium spend, says Bernstein analysts. The brokerage, in its latest note titled “China Premium Consumer Tracker: The good times continue – but could anti-corruption rear its head again?” said there has been an increase in anti-corruption activity over the last quarter. “The number […]

    Strong VIP hold and visitation boosts weekly ADR

    Macau saw a strong week-on-week increase in ADR for the week ended July 23, due to higher VIP hold and volume, and strong visitation. Gross gaming revenue (GGR) for the week (July 17-23) reached MOP 5.7 billion (US$708.9 million), with an ADR of MOP 807 million. Bernstein said month-to-date daily mass GGR is up by […]

    Lower VIP luck brings down last week GGR

    Gross gaming revenue in Macau continued to see a year-on-year increase over the last week (July 10-16), reaching MOP4.8 billion (US$597.2 million), a 35 percent increase over a similar period in 2016, according to Bernstein. The weekly GGR was however lower than that of the first week of July (1-9), mainly due to lower VIP […]

    First week July ADR up 44 pct over 2016

    Gross gaming revenue for the first week of July (1-9) reached a total of MOP 6.8 million, bringing month-to-date ADR to MOP 755 million, according to a report from Bernstein on Monday. The MTD ADR number was 13 percent higher compared to June ADR, and 44 percent over a similar period in 2016. “According to […]

    GGR slightly slower last week: Bernstein

    Gross gaming revenue in Macau in the last week was down slightly week-on-week, bringing month-to-date GGR to MOP 17.85 billion, and ADR of MOP 714 million, said Bernstein analysts in a Monday note. The MTD ADR number was 2 percent lower than May ADR, and 38 percent over a similar period in 2016. Bernstein said […]

    Only mass has long-term potential: Bernstein

    While VIP will continue to show strength in the next few months, in the longer run the high-roller segment will face structural headwinds from a tightening regulatory environment and a continued focus on capital outflows in China, said Bernstein in a Monday note. Instead, improvements in transportation and the continued opening and ramping up of […]

    Bernstein raises June GGR forecast

    Month-to-date GGR in Macau was higher than expected despite the impact of Tropical Storm Merbok last week, said Bernstein in a note on Monday. According to the brokerage, month-to-date GGR (June 1-18) was MOP13 billion, bringing the month-to-date ADR to MOP722 million, a 36 percent over the same period in 2016. VIP hold was high […]

    Last week’s ADR higher than anticipated: Bernstein

    Gaming revenue in Macau for the first 11 days of June reached a total of MOP7.75 billion, implying MTD ADR of MOP705 million, investment brokerage Bernstein noted on Monday. The MTD ADR number was 18 percent over a similar period in 2016, higher than previously anticipated, said analysts. According to their channels, Mass GGR was […]

    Shifting market dynamics to create winners and losers

    Improvements in transport infrastructure along with continued opening and ramp up of new casino resorts in Macau means that Mass will continue to be the driver for sustainable growth in 2017 and the rest of the decade, say Bernstein analysts in a recent research note. As market share trends fluctuate based on mix between VIP […]

    June GGR headed for 20 – 26 pct growth: Bernstein

    Gross gaming revenue for the first week of June was MOP 2.7 billion, bringing month-to-date ADR to MOP 680 million, an increase of 33 percent year-on-year compared to a similar period in June 2016, notes Bernstein. Assuming ADR of MOP 630 to MOP 670 million for the remainder of the month, June gross gaming revenue […]

    Macau May revenue surges past expectations

    Gross gambling revenue for May in Macau jumped 23.7 percent, far exceeding analysts’ expectations, most likely due to continued strength in the VIP market. Total revenue was MOP22.7 billion ($2.8 billion), according to figures from the DICJ. That far exceeded the consensus expectation for growth of 16 percent in the month. The strong gain came […]

    No need to panic over Macau policy risks: Bernstein

    While recent headlines are a reminder of Macau’s susceptibility to policy risks, the impact is minimal over the long term, said Bernstein in a Tuesday note.   In December last year, Macau’s government moved to cut the daily withdrawal limit from MOP10,000 (US$1,251.9) to MOP5,000 for UnionPay ATMs.   In May, Macau’s banks made it a requirement […]

    GGR to hold strong for rest of May: Bernstein

    With the upcoming dragon boat festival holidays, Bernstein analysts believe Macau’s gross gaming revenue may stay strong until the month’s end. According to the brokerage, last week’s gross gaming revenue (May 15-21) was higher than previously anticipated, reaching MOP4.85 billion (US$604.8 million), with an ADR of MOP 692 million. Bernstein noted that revenue had increased […]

    Dejiang visit pressured last week’s GGR: Bernstein

    Gross gaming revenue last week in Macau was lower than expected, hitting MOP3.85 billion ($480 million), with an average daily rate of MOP550 million, said Bernstein in a note on Monday. The results brought month-to-date ADR to MOP 704 million, 5 percent higher than April ADR of MOP 672 million, and 4 percent over the […]

    Macau 17Q2 GGR to decelerate as VIP slows

    Gross gambling revenue is likely to gain more than 16 percent in Q2, but will be down about 5 percent sequentially from Q1, while the second half of the year will decelerate further due to a fall off in VIP revenue, Bernstein Research estimates. In 2H, the firm expects growth to be about 5 percent […]

    Melco/Crown divorce won’t hit ratings, not dilutive

    Melco Resorts & Entertainment’s final termination of its links with former joint venture partner Crown Resorts won’t have any impact on the group’s credit ratings and analysts say it won’t be dilutive to shareholders. Melco on Monday said it would buy all remaining shares, or about 11.2 percent of outstanding stock, from Crown to be […]

    First week of May GGR in line: Bernstein

    Macau gross gaming revenue (GGR) in the first week of May (1-7) was in line with expectations, reaching MOP 6 billion, according to a Monday note from Bernstein. The month-to-date ADR of 857 million was 28 percent higher than April ADR of MOP 672 million, and 12 percent over a similar period (May 1-8) in […]

    GGR to increase 13-15 percent in April: Bernstein

    Macau GGR is expected to reach MOP 19.6 to 19.9 billion for the month of April, representing growth of 13 to 15 percent year-on-year, according to estimates from Bernstein. “Our channel checks indicate that Macau’s GGR (gross gaming revenue) month-to-date (Apr 1-23) was MOP 15.2 billion (US$1.9 billion), with an ADR (average daily rate) of […]

    Macau ADR boosts over Easter week

    Gross gaming revenue in Macau last week (April 10-16) reached MOP5.05 billion, according to a note from Bernstein on Tuesday. Month to date ADR reached MOP 721 million, which Bernstein says is largely attributable to the Easter Holiday which helped boost mass traffic for the last few days. “According to our channel checks, VIP volume […]

    First week April GGR lower than expected

    Gaming revenue in Macau for the first week of April was lower than expected and “relatively disappointing”, according to Bernstein in a note on Monday. “The MTD ADR number was lower than our expectation and relatively disappointing considering the fact that last week actually had two weekends,” said the brokerage. Month-to-date ADR was 5 percent […]

    VIP headed for 7 pct growth in 2017: Bernstein

    Macau’s VIP segment is headed for 7 percent growth in the full-year 2017, but will sway due to difficult comparisons through the year, said Bernstein in a note on Friday. “The strong VIP performance in late 2016 and early 2017 has mainly been driven by accelerated capital outflows from China, strong liquidity in China and […]

    Macau headed for 13-14 percent growth in March

    Gross gaming revenue in Macau over the last week reached MOP 5 billion (US$625 million), implying ADR of MOP 714 million, according to a note from Bernstein on Monday. The results brought month-to-date gross gaming revenue to MOP 17.5 billion, indicating a ADR of MOP 673 million for the month. “Compared with February’s ADR of […]

    Bernstein raises 17Q1 expectations

    Bernstein has revised its GGR estimates for the first quarter of 2017, forecasting 10 percent growth, led by 12.5 percent growth in VIP and 9 percent growth in mass. “While stabilization in Mass GGR had been a theme we had been preaching since late 2015, the second half of 2016 saw Mass GGR recovery in […]

    Macau benefiting from China VIP recovery

    China’s economy is seeing renewed strength in premium activity, driving demand for luxury cars and VIP gaming in Macau, though longer term the outlook for the high roller segment is muted, according to research from Bernstein. The firm said the strength is being driven by resurgent liquidity growth; improved consumer sentiment; strong property prices and […]

    First week March GGR in line with expectations

    Macau gross gaming revenue for the first week of March was in line with expectations, at MOP 3.2 billion with an ADR of MOP 630 million, said Bernstein in a note on Monday. The month-to-date ADR was down 23 percent compared to February but +18 percent over a similar period in 2016. Assuming an ADR […]

    February GGR rises 17.8 percent

    Gross gaming revenue for the month of February reached MOP 23 billion, with 17.8 percent year-on-year growth, according to the latest figures from the Gaming Inspection and Coordination Bureau (DICJ). The results were higher than market expectations, with analysts previously forecasting between 5 – 11 percent growth for the month. “The implied ADR for the […]

    Retail reaches year peak in 16Q4

    Retail sales in Macau reached their highest value of the year in the fourth quarter of 2016, according to data from the Statistics and Census Bureau (DSEC). Retail increased 1.1 percent in 16Q4, hitting MOP 15.9 billion (US$2.0 billion), the highest of any quarter in 2016, however, full-year revenue fell 6.6 percent to MOP 58.5 […]

    Non-gaming spend up 13.3 percent in 16Q4

    Non-gaming spend from visitors to Macau rose 13.3 percent to MOP 14.8 billion (US$1.85 billion) in the fourth quarter of 2016, according to data from the Statistics and Census Bureau (DSEC). Overnight visitors saw the biggest leap in non-gaming spending, rising 15.8 percent year-on-year to MOP 12 billion in 16Q4, while same-day visitor spending rose […]

    Macau to lose over tightening liquidity: Bernstein

    Reduced liquidity in mainland China in 2017 will create headwinds for high-end gaming in Macau, say Bernstein analysts.  In its report titled “China Liquidity: Who are the winners and losers when the tide is going out?” the brokerage looks at the implications of tightening liquidity on China’s markets. “Liquidity remains a key driver for Macau’s […]

    February GGR headed for 10-11 percent increase

    Macau’s gross gaming revenue month-to-date is estimated at MOP 16.3 billion (US$2 billion), with last week’s performance slightly lower than expected, said Bernstein. The average daily rate has been MOP 858 million, although last week’s ADR was MOP 614 million, down 25 percent week on week. Bernstein said that VIP in the last week was […]

    Last week GGR better than expected: Bernstein

    Macau’s gaming industry performed better than expected in the week ended Feb. 12, with ADR of MOP 814 million (US$101.9 million), said Bernstein in a note on Monday. The performance pushed February’s ADR to MOP 1 billion (61 percent higher than January’s ADR), and revenue MTD to MOP 12 billion, reported the brokerage. “The week […]

    Quality of visitation to drive mass GGR

    Increasing overnight visitation and average visitor spend will drive growth in Macau’s mass market, said Bernstein. According to a note from the brokerage on Friday, Macau saw a significant change in its visitation breakdown in 2016, with overnight visitors increasing 10 percent year-on-year while day trippers saw a 7 percent decline. The increase meant that […]

    Feb 1-5 GGR exceeds expectation

    Macau recorded a strong start to February, raking in MOP 6.3 billion in the first week of the month (Feb 1-5), anoted Bernstein on Monday.  The week saw ADR of MOP 1.3 billion, up 103 percent compared with January and +49 percent over the similar period in February 2016, which was above expectations. “According to […]

    January GGR up 3.1 percent, misses expectations

    Macau’s casino industry raked in MOP 19.3 billion (US$2.4 billion) in gross gaming revenue in January, according to the latest figures released by the Gaming Inspection and Coordination Bureau. While the month marked the sixth consecutive monthly increase in GGR, clocking an increase of 3.1 percent year-on-year, the results missed consensus estimates due mainly to […]

    Improving infrastructure to drive mass, non-gaming spend

    While Macau’s infrastructure remains a limiting factor in driving visitation, mass gaming revenues and non-gaming spend, recent projects may see this problem slowly alleviated, says Bernstein. The brokerage says it recently conducted field research in both Macau and Hengqin, looking at the latest progress in Macau’s infrastructure development. “The transportation connectivity to Macau is time […]

    Sands China 16Q4 results miss expectations

    Las Vegas Sands posted a 5.6 percent year-on-year increase in net income for the fourth quarter of 2016 to $607 million. The casino operator, which owns and operates casinos in Las Vegas, Pennsylvania, Singapore and Macau, saw a combined total of $3.1 billion in revenue in the quarter, a rise of 7.4 percent year-on-year. Revenue […]

    Macau GGR softens further in lead up to CNY

    Gross gaming revenue in Macau continued to slow down over the last week (Jan 16 to 22), with ADR of MOP 528 million, said Bernstein in a note on Monday. According to Bernstein, last week’s implied ADR was down 10 percent over the similar period in 2016, and down 14 percent week on week. While […]

    Weekly GGR to face slowdown until CNY: Bernstein

    Macau ADR in the past week (January 9 – 15) slowed down to MOP 614 million (US$76.9 million), down 4 percent from the week preceding, said Bernstein in a note on Monday. “A lower week-on-week VIP hold rate, along with a general slowdown as the calendar moves closer to Chinese New Year, contributed to the […]

    Macau gaming revenue strong in early January: Bernstein

    Macau has posted a particularly strong start to the new year, reporting a ADR of MOP 715 million, a 31 percent increase over December’s ADR, said Bernstein in a note on Monday. “GGR during the Jan 1 New Year holiday was quite strong, and the strength carried over into the weekdays, in particular for the […]

    Melco Crown taps into horizontal management structure: Bernstein

    Melco Crown’s latest leadership appointments represent a “significant change” in its operational organizational structure, said Bernstein in a note on Monday. Last week, Melco Crown Entertainment announced a number of new appointments to its leadership team, including chief marketing and brand officer Mr Frederic Winckler; new property president of City of Dreams, Macau, Gabriel Hunterton; […]

    GGR hits MOP 7.6 billion for first 11 days of Dec

    Macau’s gross gaming revenue (GGR) month to date (Dec 1-11) was MOP7.6 billion (US$951.1 million), implying an ADR of MOP 686 million, according to a note from Bernstein on Monday. Compared with November’s ADR, the first eleven days ADR represented a 10 percent growth month-on-month, and a 20 percent growth year-on-year compared to the same […]

    Withdrawal limit no impact on gaming: Leong

    The Secretary for Economy and Finance, Lionel Leong says the city’s new withdrawal limits for mainland bank cards would not have any impact on the gaming industry. Macau’s casinos stocks took a hit last week after SCMP reported that the Macau government was looking to cut the daily withdrawal limit from MOP 10,000 (US$1,251.9) to […]

    UnionPay ATM withdrawal limit slashed in half

    Macau is preparing to cut the amount of cash China UnionPay card holders can withdraw from ATM machines, in a move from China to curb capital flight. According to a report from the South China Morning Post on Friday, the move to cut the daily withdrawal limit from MOP10,000 (US$1,251.9) to MOP5,000 is expected to […]

    November GGR expected to rise 15 percent year-on-year

    Macau’s gross gaming revenue (GGR) is expected to be in the range of MOP18.7-MOP18.9 billion in November, representing an increase of 13.9 to 15 percent year-on-year, said Bernstein in a note on Tuesday.  GGR month to date is MOP17 billion, implying an ADR of MOP629 million for the month, said the brokerage, adding the ADR numbers […]

    GGR surges 16 percent year-on-year last week: Bernstein

    Macau gross gaming revenue (GGR) month-to-date is estimated at MOP 12.7 billion ($1.6 billion), implying an average daily revenue of MOP 635 million for the month. The results in the last week (Nov 14-20) was particularly strong, coming in at 16 percent higher than the same period in 2015, with an ADR of MOP 686 […]

    Macau’s inflection in full swing: Bernstein

    Macau’s gross gaming revenue in 16Q4 is forecast to hit +7 percent year-on-year, as new projects continue to ramp up, said Bernstein in a note on Monday. GGR results in 16Q3 reaffirmed the view that the sector’s profitability had finally returned to growth, said the brokerage. “…late spring finally brought growth in mass and more […]

    Nov GGR headed for 7 to 9 percent growth

    Macau’s gross gaming revenue (GGR) month to date is estimated at MOP7.9 billion ($988.7 million), implying an ADR of MOP607 billion for the month, according to channel checks from Bernstein. The results, as expected, are below October’s ADR of MOP 704 million – which included the Golden Week Holiday. However, the last week (November 7-13) […]

    Studio City issues bond to refinance existing credit facility

    Melco Crown’s Studio City has announced it will conduct a bond offering to redeem and refinance its existing US$1.4 billion credit facility. The bond structure will consist of senior secured notes due 2019, and senior secured notes due 2021. “From our initial read of the press release, the two new notes will be pari passu […]

    Macau GGR headed for 5 – 7 percent increase in Nov: Bernstein

    Macau gross gaming revenue over the last week was MOP 3.5 billion, with an ADR of MOP 583 million, said Bernstein in a note on Monday. “As expected, this is well below last month’s daily rate of MOP 704 million which included the Golden Week Holiday, and below September’s ADR of MOP 613 million.” “The […]

    Oct. GGR up 8.8 percent, beats expectations

    Macau GGR grew 8.8 percent in October, beating analyst expectations. Gross Gaming Revenues for the month came in at MOP 21.8 billion, higher than market expectations of around +6 percent.  Average daily revenue (ADR) for the month was MOP 704 million (+14.8 percent higher than Sep’s ADR of MOP 613 million). The nearly 9 percent year on year […]

    October GGR headed for 3-5 percent growth: Bernstein

    Macau saw its ADR grow to MOP 720 million in the last week, representing a 12.2 percent growth compared to the week before, according to Bernstein in a note on Monday. According to the brokerage, the increase in ADR is partly due to the visit by the Chinese Premier Li Keqiang in the Oct. 11-16 […]

    Macau expected to see 5-9 percent GGR increase

    Macau’s gross gaming revenue for the first 10 days of October hit MOP 9.8 billion, implying an ADR of MOP 975 million, said Bernstein in a note on Tuesday. The ADR is well above last month’s ADR of MOP 613 million as expected, due to the Golden Week Holiday from October 1-7, which also showed […]

    Sept. GGR rises stronger-than-expected 7.4 percent

    Gross gambling revenue rose for a second straight month in September, gaining a greater-than-expected 7.4 percent, after two years of monthly declines. GGR was MOP18.4 billion ($2.3 billion), according to figures released by the regulator. That was a 2 percent decrease from August. Average daily revenue was MOP613 million. The month’s data also implied a […]

    Macau GGR headed for 1-5 percent increase: analysts

    Macau gross gaming revenue for the month of September is headed for a year-on-year increase, with analysts predicting an increase between 1-5 percent. According to a note from Bernstein on Monday, GGR during the week ending Sept. 25 was weaker than anticipated. “Our channel checks indicate that Macau’s GGR (gross gaming revenue) month-to-date is ~MOP […]

    GGR headed for 8-11 percent yoy increase: Bernstein

    Macau has had stronger than expected gross gaming revenue for the first 11 days of September, said Bernstein in a note on Monday. According to the brokerage, gross gaming revenue month to date is MOP 7.3 billion, implying an ADR of MOP 663 million. “This is over 3 percent above similar period last year and […]

    Melco says Studio City, Manila boost Q1 sales, but results miss forecasts

    Melco Crown Entertainment said Q1 revenue rose, boosted by income from its new Studio City project in Macau and its operations in Manila, but its net profit fell by just over a third. Analysts also said that despite the contribution to Q1 revenue, the ramp up from Studio City has been slower than expected, while […]

    SJM Q1 results just top forecasts, helped by satellite casinos

    SJM Holdings, which operates Macau’s Grand Lisboa amongst its properties, reported a sharp drop in Q1 profit and revenue, but the results beat analysts’ expectations. Overall gaming revenue decreased by 22.8 percent to HK$11.02 billion ($1.42 billion), with VIP revenue down 29.2 percent to $5.6 billion, while mass was down 14.9 percent at $5.14 billion […]

    Las Vegas Strip revenues drop in Oct., mass gains

    Revenues on the Las Vegas strip fell 5 percent year-on-year in October, though mass volumes held up gaining one percent. The revenue for the month was $494 million. Revenue was hit by lower than normal hold on baccarat tables and the timing of collections weighing on slot win, analysts said October baccarat volumes were down […]

    Chinese police bust major underground banking network

    Chinese police have busted an underground banking network that handled $4.5 billion worth of illegal transactions at Agricultural Bank of China Ltd alone, Reuters reported citing Chinese media. Fourteen suspects in four gangs were arrested by police in the northeastern city of Dalian in Liaoning province, Xinhua News Agency said, the latest crackdown in the […]

    Macau gov’t will look to delay smoking ban decision, says Bernstein

    Bernstein Research estimates a decision on the smoking ban will take longer than two months indicated by recent news reports, as the government looks to buy time amid weakness in the gaming industry. Following last week’s meeting between the six gaming concessionaires and the Macau Legislative Assembly’s Second Standing Committee, which is tasked with modifying […]

    Weaker-than-expected start for Macau Nov. GGR

    Gross gambling revenue in the first week of November is pointing to a weak start for the month, prompting analysts to revise down their forecasts. According to Bernstein Research average daily revenue in the week through to Nov. 8th was MOP 525 million ($66 million), lower than October’s MOP 647 million rate, mainly due to […]

    SJM gaming revenue drops 37.9 percent in 15Q3

    SJM Holdings reported a 37.9 percent drop in gaming revenue to HK$11.24 billion ($1.45 billion) in 15Q3 compared to the same period the year before. Adjusted EBITDA during the period decreased by 49.5 percent from 14Q3 to HK$884 million and for the nine months ended September 30 decreased 49.2 percent to HK$3.14 billion. Profit attributable […]

    Macau’s latest revenue checks disappoint again, analysts say

    Gross gambling revenue appears to have slowed again in the week ending Oct. 18th, disappointing analysts after a “strong” Golden Week. Average daily revenue in the week was MOP486 million ($79.2 million), the lowest since June 2010, say analysts at Bernstein Research and Wells Fargo. That’s down 41 percent sequentially and off 45 percent from […]

    China announces new limits on UnionPay outside the country

    China’s State Administration for Foreign Exchange (SAFE) has announced new annual limits on UnionPay cash withdrawals outside of China, an indication that the country is concerned about capital outflow, according to Bernstein Research. The new annual limit has been set at RMB100,000 ($15,700 ) per card for 2016 (and RMB 50,000 for the remainder of […]

    Smoking rules to trim 2019 GGR, but China a bigger concern

    Many of Macau’s casinos are in a race against time to ensure their newly-equipped VIP smoking lounges have been approved by the authorities.
    Singapore

    Tourism spending points to promising trend

    Singapore tourism arrivals are up just over 7 percent in the year to July, but a closer look at the detailed breakdown provided for Q1 shows that for the second consecutive quarter, visitors spent more on gaming, sightseeing and entertainment than in its glitzy shopping malls.

    Seeking wind for top-line sales

    In the words of Las Vegas Sands Chief Operating Officer Rob Goldstein, “Singapore is a wonderful success story, but at this point it's just a very large producer of EBITDA without growth prospects in the near future.” Although management did a sterling job in controlling costs and squeezing the maximum profit out of the iconic resort, it showed little, to no, top line growth. 

    Flying the kite?

    Melco Resorts and Entertainment’s decision to file for an initial public offering for its Studio City joint venture took analysts by surprise, with many speculating the proposed listing is being used to fish for a valuation for the resort. Melco owns the Hollywood-themed IR through a partnership with New Cotai Holdings. Analysts have long expected Melco to buy out its partner’s 40 percent stake to gain full ownership, giving it access to the full revenue stream and the potential for operational synergies. However, in August, it filed for an IPO in the U.S.

    Macau stock rally seen losing steam

    Macau’s gaming stocks have rebounded to trade at two-year highs, tracking the recovery in gross gaming revenue, however analysts warn against over optimism, saying growth may be nearing its peak, at least in the short term.

    Sands serves French flavour to whet mainland tourism appetite

    Ask many mainland Chinese what their dream travel destination is and the answer is unlikely to be Macau. According to a survey by CLSA, Macau came bottom out of a list of 21 destinations, with Europe, the U.S. and Australia topping the list. So, could Sheldon Adelson have hit upon a winning formula with his latest resort -- the $2.8 billion Parisian? The property, like its sister next door, aims to bring a little bit of Europe to the Cotai strip, providing a taste of all things French without the lengthy voyage and language complexities.

    Mass market turns south in Singapore

    Singapore’s two operators are seeking to add more non-gaming attractions to boost growth as income from their casinos continues to drag, with results released this week showing an unexpected drop in mass revenue at Marina Bay Sands.  Casino revenue for the quarter fell 1.6 percent to $556.7 million, with adjusted property EBITDA dropping 1.7 percent to $357 million. The property reported a drop of 29 percent in its rolling chip volume, but more unexpected was the almost 11 percent drop in mass market volume year-on-year. Slot handle gained 6 percent.

    Cotai resorts seen viable, but returns to disappoint

    The multi-billion properties opening up on Macau’s Cotai strip are still likely to be viable, despite the slump in gaming revenue in the territory, though returns will fall far short of the levels expected when the resorts were first planned, analysts say. The six operators are set to almost double their room capacity over the next two years at a time of unprecedented uncertainty for the revenue outlook. 
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