MGM China Holdings

Wendy Yu is the senior vice president of human resources of MGM China, and has been with the company since July 2009. She has leadership responsibilities for all HR functions at both MGM MACAU and MGM COTAI. She started her hospitality career with the Hyatt Regency Macau and then became the Human Resources Manager of Holiday Inn Macau from its pre-opening stages. Moving from a corporate to an educational role,Yu spent one year as a Lecturer for the Institute of Tourism Education in Macau after her hotel job assignment in Shanghai with the New World Group. She then moved to the Westin Resort, Macau as Director of Human Resources.Yu subsequently joined Wynn Resorts (Macau) S.A. in 2003 as Vice President — Human Resources and was responsible for the human resources department for the opening of Wynn Resorts (Macau) S.A. Before joining our Company, Yu spent a year with Starwood Hotels and Resorts for their Sheraton and St. Regis pre-opening project in Cotai.

MGM China said it will pay a bonus equivalent to one-month's salary to all eligible non-management employees, which covers about 90 percent of staff. 

MGM China said it currently has no plans to restructure its operations, responding to a letter from investor Snow Lake Capital urging the company to sell a 20 percent stake to a Chinese internet or leisure firm.

It’s been anything but a slow start to the New Year. While only in its embryonic stages, MGM Resorts International’s bid for the U.K.’s Entain has the potential to trigger a chain of events that could have wide reaching implications for gaming in Asia.

Investment firm Snow Lake Capital has urged MGM Resorts in an open letter to sell 20 percent of its China business to a strategic partner, calling it a “win-win transaction” for all. The firm owns roughly 7.5 percent of MGM China Holdings.

As we near the end of a tourism-free year, the industry is gearing up for one last push to salvage annual revenue with a round of campaigns to capitalize on the upcoming holiday season. Reliance on locals and “staycation” marketing have been a theme of the year, with varying degrees of success around the region.

After the vaccine-induced stock euphoria earlier this month, Covid-19 has returned to dampen investor enthusiasm.

Consolidation of the bases and advancement in adversity was the thrust of Macau Chief Executive’s policy address for 2021, though it gave little away when it came to the current pillar of the economy - the gaming industry. 

If current trends hold, there will soon be a referendum in Yokohama, which will bring an end to what is currently anticipated to be the largest IR development in Japan.

October proved to be another disappointing month for Macau’s gross gambling revenue, despite the annual Golden Week holiday, with analysts once again cutting their estimates for the year.

MGM Resorts’ third quarter results revealed a net loss widening to US$534.7 million, a figure that was worse than what some analysts had predicted. MGM China reported an Adjusted EBITDA loss of HK$730.6 million (US$94 million) during the same period. Bill Hornbuckle, CEO of MGM Resorts International, stated, “We remain focused on responding to the […]

Macau's hotel occupancy rates has crept up to 40 percent as visitor numbers rise, according to the Macau Government Tourism Association.

This pandemic has changed the lives of many Macanese and millions of others globally. In this part of the world, we have moved from controlling its proliferation to managing a potential deep economic fallout as a result of it. 

Macau's six operators are expected to post a collective EBITDA loss of $823 million for Q3, improving from a loss of $1 billion in Q2, according to a Bloomberg poll of analysts.

While most of the world continues to grapple with the economic fallout from Covid-19, figures released Monday indicate China has left the worst of the pandemic behind, with gross domestic product growth of 4.9 percent in Q3.

Macau might have an important role to play in the launch of China’s digital yuan if the city’s casinos adopt the currency instead of the Hong Kong dollar, according to analysts. China is accelerating the launch of the digital yuan in the Greater Bay Area with a special pilot in Shenzhen.

Macau-related casino stocks took a hit on the news that China's legislature was reviewing an amendment to the country's criminal law that could establish a new criminal definition for overseas gambling operations aimed at luring Chinese citizens.

MGM China has joined hands with Fuhong Society of Macau to provide a series of food and beverage related vocational trainings to the mental health rehabilitants of Fuhong, who are working at the restaurant Portuguese Corner.

Shares in Macau’s six casino operators were sharply higher Monday after the Macau government announced the long-awaited news that individual visit scheme visas would be renewed from August 12.

MGM China has announced that Grant Bowie has resigned as an executive director of the company, effective August 6. Bowie will, however, remain as an advisor to MGM China until the end of 2022. Bowie resigned as CEO of MGM China at the end of May after a long tenure in the post. Replacing Bowie […]

Macau’s six operators are likely to post the worst quarterly performance ever in Q2, with the focus likely to be on who has done the most to control operating expenditures during the period, Morgan Stanley reports in a note.

Nine listed gaming operators in the Asia Pacific region are likely to see a plunge of about 70 percent in EBITDA this year, but all should have sufficient cash to cover basic needs for the next year, Moody’s Investors Service said.

Bernstein Research has noted with some concern that Pansy Ho seems to be personally stepping into the leadership vacuum at MGM China with the recent departure of Grant Bowie as CEO. “Pansy Ho looks to take on more day to day oversight of MGM China, which comes as somewhat of a surprise to us. We […]

MGM China has announced its CEO Grant Bowie will retire with effect from May 31, which was earlier than analysts had been expecting.

MGM Resorts International and MGM China published their 20Q1 results over the long weekend, with MGM China recording net revenues down by 63 percent driven by the two-week closure of the Macau facilities in February and the enduring impact of travel restrictions. MGM Resorts’ consolidated net revenues decreased 29% compared to the prior year quarter […]

MGM China said it has launched a quarterly newsletter to highlight its ongoing corporate social responsibility efforts in Macau, including a MOP20 million ($2.5 million) donation to help fight the coronavirus pandemic in Hubei, China.

In a disclosure to the Hong Kong Stock Exchange, MGM China revealed it was expecting a 63 percent year-on-year reduction of net revenues in 20Q1 as a result of Covid-19 closures and travel restrictions. Moreover, MGM China was bracing for an Adjusted Property EBITDAR loss of US$22 million, compared to a gain of US$193 million […]

Fitch Ratings has downgraded MGM Resorts International’s and MGM China Holdings’ issuer default ratings as well as their unsecured debt due to “decreased financial flexibility following the recent sale-leaseback transactions as well as the severe disruption to global gaming caused by the coronavirus outbreak.” Fitch also revised the firms’ rating outlook from stable to negative. […]

Over the course of the past couple of years, MGM China stock on the Hong Kong Stock Exchange has tumbled from a January 2018 peak of HK$24.3 to its Thursday closing of HK$8.75, a fall of about 64 percent. It’s recent fall below HK$10 is something that had not been seen since July 2016, and […]

Chum Kwan Lock has been appointed the chief operating officer of Sands China in a reorganization of the firm’s top leadership team. Chum takes over the COO post from Wong Ying Wai, who had been serving concurrently since November 2015 as president and COO. Wong retains his post as president. Also, Dylan James Williams has […]

MGM says it is closely monitoring the coronavirus epidemic situation and has rolled out a series of epidemic relief and preventive measures over the past week, joining hands with different sectors of the Macau community to combat the epidemic.  In view of the city’s increasing demand for face masks, MGM today donated 500,000 surgical masks […]

The Osaka Prefectural Government released a press statement on Friday regarding the screening of candidates for the Osaka Yumeshima IR. Only one candidate made a bid, the MGM-Orix consortium. Presumably, this makes it certain that MGM Resorts has now become the “winner” of the once-coveted position as Osaka’s IR operator partner. Certainly, no other operator […]

MGM has supplied its frontline staff of Macau Federation of Trade Unions of Macau (FOAM), General Union of Neighborhood Associations of Macau (UGAMM) and Caritas Macau with masks, disposable caps, and other necessary items in a bid to fight the spread of the coronavirus. At the same time, MGM also prepared 1,000 supply kits for […]

MGM China Holdings Limited on Wednesday announced its 2019 financial results, with revenue up 19 percent year-on-year, driven by non-VIP gaming.  Said revenue reached HK$22.8 billion. Adjusted EBITDA grew by 28 percent year-on-year, reaching HK$6.2 billion. MGM said that 86 percent of its profit was driven by non-VIP businesses in the year. Much of this […]

As a measure to relieve the economic stress during the Wuhan Coronavirus closure for its retail tenants inside the MGM Macau and MGM Cotai properties, MGM China has announced that it will waive basic rent for the period from February 5 to 19. “At this difficult time, our thoughts are also with our retail tenants, […]

Slammed by fears and emergency immigration policies related to the rapid spread of Wuhan Coronavirus, visitation to Macau from mainland China has dropped off a cliff in the last few days, falling by almost 90 percent from the levels seen during last year’s Chinese New Year holidays. Reuters described the overall impact as tantamount to […]

Macau casino operator MGM announced on Monday a discretionary bonus for all eligible non-management team members, awarding around 90 percent of its workforce. In a press release, MGM said the discretionary bonus is in recognition of the hard work of its team members over the past year. The bonus is equal to one month’s salary […]

Eight fixed GameSource terminals and four hand-held computer tablets were officially unveiled at MGM Macau on Tuesday, launching the data-cloud-based electronic game service.

MGM China Holdings has announced the appointment of cross-border M&A expert Simon Meng as an independent non-executive director of the company, effective December 9, 2019.  Mr. Meng, aged 61, is a corporate M&A partner at Linklaters in Shanghai, specializing in cross-border M&A, direct investments and joint ventures in China.  He has significant experience in project […]

Simon Meng has been appointed as an independent non-executive director, a member of the Audit Committee, the Nomination and Corporate Governance Committee, and the Remuneration Committee of MGM China Holdings.

The Macau government is set to ignore a clause in the concession contract of SJM and MGM, which requires the companies to hand over casino and gaming equipment to the government in March next year. According to a report from Gambling Compliance, under the concession contract, each of Macau’s concessionaires is required to ‘automatically revert’ […]

The addition of 25 new-to-market VIP tables at MGM Cotai helped to spur Q3 revenue growth at MGM China, though mass is seen as the prime growth opportunity going forward.  The casino operator saw its Q3 revenue gain 22 percent in the quarter, reaching HK$5.8 billion (US$738 million). Adjusted EBITDA grew 39 percent year-on-year. The […]

Melco Resorts & Entertainment and MGM Resorts are likely to have gained market share in Q3 as new properties ramp up, while Wynn Resorts and Galaxy Entertainment may have slipped due to their greater reliance on VIP, Bernstein analysts say.

Pansy Ho, the co-chair and an executive director of MGM China Holdings, has defended the Hong Kong government’s handling of riots rocking the city and called its now withdrawn extradition bill “well intended.”

MGM China said the company’s lenders have agreed on a revolving credit facility of HK$9.75 billion ($1.24 billion) that will refinance existing senior secured credit facilities and will be used for working capital.

The mass market in Macau accelerated to grow 12 percent in Q2 compared with the same period a year ago, with Melco Resorts & Entertainment increasing its share of EBITDA, according to a note from Morgan Stanley.

MGM China and Melco Resorts and Entertainment said they will pay a bonus equivalent to one month’s salary to celebrate the 70th anniversary of the founding of The People’s Republic of China and the 20th anniversary of the establishment of Macau as a Special Administrative Region.

The ramp up of MGM China’s property of Cotai has expanded the operator’s footprint in Macau significantly, though ramp up has been “very slow,” according to analysts at Bernstein Research.

MGM China CEO Grant Bowie says he is optimistic for the company’s performance for the rest of the year, after seeing revenue up nearly 24 percent year-on-year in the first quarter. Speaking to Macau TDM, Mr. Bowie said that the Macau gaming market will continue to remain strong, but stressed that operators should continue to […]

MGM China Holdings has announced the issuance of $750 million in aggregate principal amount of 5.875 percent senior notes due 2026,  as well as an upsized offering of $750 million in aggregate principal amount of 5.375% senior notes due 2024. According to a company filing, MGM said it expects to see net proceeds of around […]

MGM China Holdings says it’s raising $1.25 billion through a private placement of senior notes to help repay outstanding funds under its credit facility.

Macau casino operator MGM China saw its gross gaming revenue grow by 18 percent year-on-year for the three months ended March 31, 2019, with growth seen across all gaming segments. For the quarter, main floor table games win reached HK$3.5 billion, increasing 35 percent, due to a full quarter of operations at MGM Cotai, along […]

The earnings of Macau’s six operators may produce some negative surprises amidst higher staff costs, higher reinvestment rates and slowing revenue growth, Morgan Stanley forecasts.

Macau’s casino operators spared no expense raising awareness around green initiatives during the city’s annual “Green Week”, held last week in Macau. The Green Week was also the home of the 2019 edition of the Macao International Environmental Co-operation Forum and Exhibition (2019MIECF), a forum discussing ecological civilization, green finance, water resources, and marine pollution, […]

Macau casino operator MGM China has announced it will be paying a discretionary bonus to eligible non-management team members during Chinese New Year. According to the operator, the Discretionary Bonus will be equal to one month’s salary and will be paid in two equal installments at end of January and mid-February 2019. Mr. Grant Bowie, […]

Systemic shifts in the long-term relationship between China and the U.S. are underway, with the two economic superpowers charting an increasingly divergent path, and the change in course may have major implications for Macau’s operators, according to a leading risk consultancy.

MGM China Holdings said it will stop using single-use plastics, such as straws and takeout containers, in all of its Macau restaurants from the first quarter of next year.

MGM China Holdings Limited said its H1 revenue rose 30 percent, helped by the February opening of its new Cotai resort.

James Murren, chairman and CEO of MGM Resorts International, told the Japanese media on Wednesday that his company would be able to make its full contribution to Japan only in a major urban market, and that Osaka is the location he is aiming for.

MGM China is expected to report the weakest EBITDA amongst its peers in 18Q2, due to a slower ramp-up of its Cotai property, absence of VIP business, and the cannibalization of Peninsula casinos, say analysts from Morgan Stanley. “We expect MGM to report 2Q property EBITDA of US$142m (-13 percent QoQ), weakest among peers. While […]

Any trade war between the US and China could have implications for Macau casino companies, which, according to Steve Vickers and Associates (SVA), sit on the “geopolitical fault line.” “US patience towards China’s mercantilism – exemplified by the provision of cheap credit and subsidies to exporters, the systematic appropriation of intellectual property, and a failure […]

While Macau stocks underperformed the Hang Seng Index in 18H1, Morgan Stanley analysts believe Macau casinos will “meet or beat” earning estimates for the full year 2018. The underperformance of the HSI was “partially explained by China’s macro slowdown, World Cup impact, and lower win rate. However, most of the companies should be able to meet […]

More than 300 MGM China team members attended a seminar on the Development of Chinese Traditions and Culture” on Thursday, which was designed to study the roots and values of Chinese traditions and how that shapes modern-day thinking and business decisions.

The latest financial results from Macau’s operators showed a healthy increase in slot machine revenue, indicating that a mix of product innovation, evolving customer preferences and new capacity are beginning to help them gain traction. According to figures from Macau’s Gaming Inspection and Coordination Bureau (DICJ), GGR from slot machines in the enclave was MOP […]

Fitch Ratings has reaffirmed the credit rating of MGM Resorts and its MGM China unit, saying the group’s credit profile is improving.

Wynn Resorts is expected to post the highest growth in property EBITDA for Q1, with MGM Resorts lagging Macau’s operators, according to Morgan Stanley projections. The firm said it expects combined property EBITDA growth of 26 percent year-on-year in the first three months of the year to $2.4 billion. Gross gaming revenue in the quarter […]

Macau’s operators are greening their fleet of buses, with MGM China becoming the latest to add eco-friendly vehicles, Macau News Agency reports. The company plans to add four electric buses in the summer to “reduce emissions and protect our environment.” The agency cites a company spokesperson as saying MGM China is the first operator to […]

MGM celebrated the start of the Chinese New Year with senior members of the Women’s General Association of Macau on March 3 with an exhilarating lion dance performed by MGM’s Junior Lion Dance Troupe and singing performances. The celebration was jointly organized by five service centers operating under the Women’s General Association of Macau, including […]

MGM China’s Q4 revenue gained 10 percent, pulled up by the mass market, which benefited from a gain in both volume and hold percentage. Net revenues were $549 million. Revenue from main floor table games was up 21 percent, helped by a 10 percent increase in volume and a gain in the hold to 21 […]

MGM China has announced the resignation of Mr. Kenneth A. Rosevear as a non-executive director of the company, effective February 14. Mr. Rosevear is the president of MGM Resorts Development, LLC (a subsidiary of MGM Resorts International), a position he has held since 1995. He was a member of the Audit Committee of MGM China […]

MGM Cotai opened its doors yesterday, with casino floor traffic above expectations following the grand opening ceremony. The opening night ceremony was an all business affair. Officiating guests included Macau chief executive Mr. Chui Sai on, along with key Macau government officials and executives from MGM Resorts. The low key event, was followed by a […]

MGM Cotai will have its official grand opening on Tuesday, February 13, 2018, according to a media invitation sent on Tuesday. A series of press events will be organized on the day, including a press conference to introduce the integrated resort, innovative dining concepts featuring four world renowned celebrity chefs, and a unique art collection […]

A group of workers from MGM China has urged an investigation into MGM’s new high-tech gaming tables that have allegedly been causing discomfort amongst workers, local media reports. The petition called the gaming regulator to look into potential health risks created by the operation of Casino Chip Attribution System (CCAS) technology used at MGM gaming tables. […]

Around 2,000 workers from MGM China staged a protest on Monday over pay inequality, bonuses and working conditions, local media reports. The protesters, which included croupiers, security guards and food and beverage workers, accused their employer of denying them a pay rise despite increased revenue, and have complained of an “unfair” bonus policy. Organizer of […]

MGM China stock dropped more than 7 percent in Hong Kong trading on Thursday after the company announced a further delay to the opening of its new IR on Cotai. The HK$27 billion ($3.4 billion) property had been scheduled to launch on Monday. The company said it was still in the process of obtaining relevant […]

The credit profile of Macau’s casinos operators is likely to improve in 2018, though upgrades are not likely to be on the cards due to the intrinsic volatility in the industry and expected dividend increases, according to a report from Standard & Poor’s. “We anticipate continued gross gaming revenue growth in Macau, though at a tamer […]

MGM China Holdings says the Jan. 29 opening of its MGM Cotai resort will kick off a series of celebrations designed to showcase the HK$27 billion property ($3.4 billion). The launch of the resort was delayed from Q4 of last year, in part because of damage from Typhoon Hato, which swept through the territory in […]

Gross gambling revenue in Macau is likely to rise 14 percent in 2018 before moving on to set record highs in 2019, Bloomberg reported, citing a survey of 10 analysts. GGR is likely to top the MOP361.86 billion ($45 billion) peak set in 2013 before the Chinese government’s clampdown on corruption triggered a slump in […]

Casino operator MGM China is launching a number of Grand Opening Offers ahead of the opening of MGM Cotai on January 29, 2018. The Grand Opening Offers are available for booking starting November 21, with promotional offers catered to individuals, families and business travelers through flexible and high value packages. Offers start at MOP1,398 – […]

Macau casino operator MGM China posted a 21 percent year-on-year decrease in adjusted EBITDA in 17Q3, slightly below market expectations. Adjusted EBITDA was $118 million. Net revenue decreased 5 percent to $471 million. Main floor table games revenue decreased 11 percent year-on-year, while table games revenue decreased 3 percent year-on-year.   The group however saw […]

MGM COTAI swept the competition at the Asia Property Awards 2017, winning an impressive six awards. This makes MGM COTAI the most award-winning integrated resort in Macau, highlighting the company’s outstanding achievements in the field of resort development and architectural design within the highly competitive regional property arena. This is MGM COTAI’s second property recognition […]

In support of the environmental policies of the Macau SAR Government and the objective of turning Macau into a green city, the city’s six casino operators are to introduce new energy/electric shuttle bus services for passengers, for which the trial run will start with the Cotai Connection route. To alleviate road traffic, the six operators […]

MGM is proud to have won one Gold and two Bronze Awards at the HR Innovation Awards 2017 organized by the Human Resources magazine, one of the most authoritative and influential human resource (HR) publications in Asia. This also marks the second year in a row that the company has been recognized for its continuous […]

More Chinese visitors going to long-haul destinations may have been one of the reasons for visitation being down during the Golden Week holiday, said MGM China CEO Grant Bowie, Macau Business reports.  Despite this, Bowie said that more “normalized business operations” in which there is “constant demand” is healthier for the company overall. Bowie, who […]

Macau industry EBITDA growth is expected to slow in the third and fourth quarter of 2017, with concerns of slowing mass growth, risks of premium mass and a macro slowdown in China, according to Morgan Stanley analysts. “We expect YoY growth in Macau industry EBITDA to slow down from 28 percent in 17Q2 to 16 […]

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 […]

Morgan Stanley analysts have revised down its estimates for MGM China after the company announced the delay of its new Cotai property, as well as higher capex. Last Friday, MGM China said it is no longer targeting a fourth quarter opening of MGM Cotai after assessing damage caused by Typhoon Hato which struck in August. […]

MGM China announced on Friday it is no longer targeting a fourth quarter opening of MGM Cotai after assessing damage caused by Typhoon Hato which struck in August. After evaluating the damage, MGM says it expects to open the new resort on January 29, 2018. “The company has since evaluated the situation and developed a […]

MGM is making donations and offering volunteer support for the Macau community post Typhoon Hato. Immediately after the typhoon, MGM reached out to various community associations, seeking ways to work collaboratively and not overlap with other resources, so as to offer the best possible support. Over the past three weeks, the company has made a […]

MGM China has joined Sands China in announcing a program to help Macau’s small and medium-sized vendors get back on track in the wake of Typhoon Hato. The company said it has conducted a survey of more than 220 of its SME vendors to assess the damage brought about by the category 10 storm in […]

Macau’s casino operators have been seen contributing to relief efforts following Typhoon Hato, which battered the gaming hub last week.   MGM China Holdings have pledged MOP 30 million (US$3.7 million)  to rebuild Macau following Typhoon Hato. The distribution of the pledge will be decided in the coming days and months with guidance from the […]

MGM China posted a one percent decline in 17Q2 revenue as mass floor table games income fell two percent, while VIP gained just one percent. The company reported net revenue of $448.7 million, with its quarterly performance lagging that of its Macau peers to have reported so far. Its stock dropped more than 4 percent […]

MGM China posted a 1 percent decline in Q2 revenue as mass floor table games income fell 2 percent, while VIP gained just 1 percent. The company reported net revenue of $448.7 million, with its quarterly performance lagging that of its Macau peers to have reported so far. Its stock dropped more than 4 percent […]

The Macau government is looking at the possibility of amending the terms and conditions relating to the refreshment of gaming rights for Macau’s current gaming concessions and sub-concessions. SJM’s and MGM’s concessions are set to expire in 2020, while Wynn’s, Galaxy’s, Melco’s and Sands’ licenses are set to expire in 2022. According to a government […]

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 […]

Casino operator MGM China Holdings has confirmed a final dividend of HK$0.160 (US$0.02) per share for the year ended December 31, 2016 following an annual general meeting held on May 24, 2017. MGM China first made the announcement of its filing in February. The final dividend amounts to approximately HK$608 million in aggregate for the […]

Macau’s casino operators say they would like to be able to offer sports betting to their clients, given the huge level of turnover in Asia, with Sands China saying it may seek cooperation with the current holder of a monopoly license to bet on sports. Macau Slot is the only operator able to offer sports […]

Sands China President Wilfred Wong says he expects the opening of the bridge linking Hong Kong, Macau and Zhuhai to trigger a significant interest in MICE business. The long-delayed bridge, which is now expected to open later this year, will allow visitors to connect directly from Hong Kong’s international airport, which has about 1,100 flights […]

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 […]

MGM China reported a 7 percent gain in net revenue for 17Q1, driven mainly by an increase in main floor table game revenue due to a higher hold percentage. The company had revenue of $502.4 million in the period. Revenue from main floor table games rose 17 percent to $279.9 million with the hold percent […]

Casino operator MGM China reported operating income of $73 million, up 55.3 percent from $47 million in the prior year quarter, driven by mass and slots growth. 17Q1 net revenue rose 7 percent year-on-year to $502 million, while adjusted EBITDA increased 25 percent to $143 million. “Management is clearly focused on mass, which grew 17 […]

Macau’s casino operators are likely to facing increasing margin pressure in 2017 as overall costs rise and promotional pressures gain with the uptick in VIP gaming, Morgan Stanley wrote in a note. The firm said staff costs rose by 5 percent in the second half of last year with the opening of the Wynn Palace […]

MGM China’s new resort on Cotai, which is scheduled to open in the second half of this year, will feature a permanent collection of more than 300 pieces of art, the company said. The works include antique carpets dating from the Qing Dynasty, modern and contemporary Asian paintings, and sculptures by renowned artists. Contributing artists […]

Macau’s gross gaming revenue growth is expected to moderate in March after a near 18 percent jump in February that topped expectations, analysts say. Buckingham Research Group says it sees March GGR growth in a range of 10 percent to 12 percent, while Bernstein is expecting a range of 9 percent to 11 percent. Buckingham […]

The consensus EBITDA forecasts for 2017 for Macau’s operators now look to be achievable for this year, after targets lacked harmony with gross gaming revenue growth throughout 2016, Deutsche Bank said in an analysis. The firm said that previously, forecasts for EBITDA has failed to take account of the cost pressures stemming from the opening […]

Galaxy Entertainment has followed MGM China and Las Vegas Sands in announcing pay increases for employees this year. Eligible team members who joined on or before April 1 will receive a performance-based salary increase ranging from 2.5 percent to 5.5 percent. In addition, Galaxy announced the “Special Reward Program” in 2014 under which eligible full-time […]

MGM Cotai unveiled a new golden lion statue on Wednesday, and has announced its Chinese name, 美獅美高梅 (Mei Si Mei), meaning “Beautiful Lion, Beautiful MGM.” According to local media, the ceremony was officiated by Pansy Ho, co-chairperson and executive director of MGM China Holdings Ltd.. “This gold-gilded lion statue reveals our passion and dedication for […]

Casino operator MGM China Holdings Ltd. has announced a salary increase for its non-management staff, which will come into effect on March 20. Referred to as a “cost of living adjustment”, the salary adjustment grants non-management staff earning less than MOP 16,000 (US$2,000) per month an increase of MOP 500 per month, while team members […]

MGM China Holdings will be paying a final dividend of HK$0.16 (US$0.02) per share to its shareholders, amounting to  approximately HK$608 million in aggregate for the year ended Dec. 31, 2016. In a filing to the Hong Kong Stock Exchange on Monday, the company said the amount represents approximately 20 percent of the group’s profit […]

MGM China Holdings reported an improvement in 16Q4 profit and said revenue edged up, helped mainly by a higher VIP hold. The company said revenue was $500 million, an increase of $1 million over the prior year period. Main floor table games revenue was down 2 percent. VIP table games revenue increased 7 percent due […]

MGM China’s new Macau casino launch date should be no later than October 1, say analysts. Analysts including JPMorgan and Telsey Group believe the project will open before October Golden Week, according to a report from Macau Business Daily, “Based on our on-the-ground checks…we believe the project can still open in August or September (ahead […]

Casino operators have been slowly ramping back up marketing activity in China after pulling out last year in fear of further repercussions from Crown’s crackdown. In October, 18 employees of Crown were arrested for allegedly marketing its casinos and VIP rooms to Chinese nationals, prompting other casino operators to pull out their marketing teams in […]

Japanese and Macau gaming related stocks on Monday saw an upswing in share price after Japan’s casino bill passed a Lower House committee on Friday, according to media reports. Michael Penn of Shingetsu News Agency speaking to AGB maintains that the LDP and Isshin are still expected to pass the Casino Bill through House of […]

Sands China and MGM China have been cleared from alleged violations of Macau’s anti-smoking law, local media reports. In August, the Health Bureau issued an official notification for the investigation of MGM Macau after its workers accused the operator of setting up smoking zones in gaming areas meant for non-smoking activities. In the case of […]

Casino operator MGM Resorts International reported better than expected results for the three months ended September 30, 2016. According to a press release from the company, the Las Vegas based operator said it had delivered the best quarter in terms of net revenue and adjusted property EBTIDA generated by its domestic results. The parent firm […]

MGM China has confirmed that its HK$24 billion ($3.1 billion) Cotai resort will open in the second quarter of 2017. “We believe it [MGM Cotai] will be well received by the market and we are confident to capture the growth opportunities of Macau,” said Grant Bowie, chief executive officer and executive director of MGM China. […]

MGM China Holdings Ltd co-chairperson and executive director Pansy Ho says she might apply for more tourism facilities on the city’s reclamation areas in the future, reports Macau Business Daily. Ho, who is also the the vice chairman and secretary-general of the Global Tourism Economy Forum added she hoped the government would support her suggestions. […]

  MGM China CEO and executive director Grant Bowie says he expects hotel occupancy to be flat during Golden Week. Bowie made the comments to local reporters at an MGM event on Thursday. “Our occupancy is looking quite strong and positive, but we all understand now that these traditionally large holidays are not as busy […]

Casino operator MGM China Holdings Ltd is planning to roll out a series of mass recruitment fairs for its upcoming MGM Cotai development, scheduled to open in 17Q2. The fairs will be organized in collaboration with Macau Federation of Trade Unions (FAOM), Federation of the Macau Residents Association (UGAMM), Macau Gaming Industry Laborers Association (MGILA) and the […]

Fitch’s Alex Bumazhny said that the firm is projecting approximately a 5 percent decline in Macau gaming revenue for 2016. Year-to-date revenues are down 9.1 percent, but there are softer year-on-year comparisons ahead, plus the market should get a boost from the Wynn Palace and The Parisian openings, Bumazhny, Fitch’s senior director, corporate ratings – […]

MGM Resorts International on Thursday announced that it has closed on its previously announced acquisition of 188,100,000 ordinary shares of its subsidiary MGM China Holdings Limited from Grand Paradise Macau, according to a press release. As a result of the transaction, the Company now owns approximately 56 percent of MGM China’s outstanding common shares, leaving […]

Wynn Palace’s cannibalization of its Peninsula casino’s premium mass and VIP businesses is underestimated, said brokerage Morgan Stanley in a note on Sunday. In its recent Macau trip, the brokerage said it was also concerned with the ramp up of Wynn Palace, which could be slower than expected due to slow market growth and a […]

MGM Resorts International may be willing to buy even more shares of MGM China Holdings, said chairman and chief executive James Murren. However, any such purchases would be “incremental” to the 4.95 percent that MGM Resorts announced earlier in the week it would add. On Tuesday, MGM Resorts announced it had entered into a transaction […]

MGM Resorts has announced it has entered into a transaction to acquire 188.1 million shares of MGM China from businesswoman Pansy Ho. The transaction will see MGM Resorts own 56 percent of MGM China (up from 51 percent), with Ms Ho’s stake in MGM China down to 22.5 percent (from 27.4 percent). “MGM Resorts is […]

MGM China Holdings reported better-than-expected net income for the first half of 2016, attributed to an increase in premium mass-market gamblers and cost cutting measures. During the six-month period, MGM China recorded total revenue of HK$7.2 billion (US$928.3 million) in 16H1, down by 22 percent year-on-year. Adjusted EBITDA was HK$2.0 billion compared to HK$2.4 billion […]

Analysts are warning that increasing competition from rivals will likely stifle any uplift for Melco Crown in Macau. While the UBS team has predicted a potential demand recovery in Macau in the near term, the brokerage also predicts Melco Crown’s rivals — Wynn Macau, MGM China and Galaxy Entertainment will likely to outperform the sector, […]

While MGM Cotai is still on track for late 17Q1 completion, there is a possibility the opening may hit Q2, said Bernstein in a note on Friday. “MGM China expects to complete all the government processes by the end of this year and maintains its target date of late Q1 2017, though there is the […]

The Macau government is reportedly tightening its visa policy for executives working in the territory’s casinos in an effort to promote more locals into managerial positions. The Human Resources Office of Macau told the Portuguese-language Jornal Tribuna de Macau that the bureau can deny requests for renewals of non-resident casino executives’ working visas if “there […]

Fitch Ratings said it predicts MGM China to generate around $600 million of EBITDA in 2017, according to a note on Tuesday. The ratings agency said the $600 million of EBITDA factors in about $200 million EBITDA at MGM Cotai and approximately 20 percent EBITDA decline at MGM Macau. Fitch also affirmed the IDRs for […]

MGM China posted a steep drop in Q1 earnings and revenue, but joined the growing chorus of Macau operators in saying they see signs of stabilization in the mass market. MGM China recorded total revenue of HK$3.6 billion, a decrease of 25 percent from a year ago, but narrower than the 31 percent year-on-year decline […]

MGM China and Sands China were found to have the most efficient staff in their respective regions in Macau, according to a recent report from Morgan Stanley. Analysts compared all the operators based on company EBITDA to average number of staff ratio, and found that MGM China generated a higher EBITDA per person employed than […]

Las Vegas Sands president and chief operating officer Robert Goldstein believes room rates may fall when several new properties come on line in Macau this year, local media reports. Goldstein, who was quoted at the JP Morgan Gaming, Lodging, Restaurant and Leisure Management Access Forum in Las Vegas last week, said properties to be opened […]

Macau’s six leading casino resort operators have joined forces to offer exclusive special deals to local residents as part of a corporate social responsibility initiative.  Covering a wide-range of non-gaming offerings, Macau Loves Locals features award-winning luxury hotel rooms, family-friendly shows and entertainment, refreshing spas, world-renowned Michelin-starred restaurants, and many other non-gaming elements. This new […]

MGM China chief executive officer Grant Bowie says the gaming market in Macau is stabilizing, driven by the growth of the mass segment, local media reports. The comment was made during the presentation of MGM Resorts International’s latest quarterly results. “We are seeing some stabilisation in the market led by the mass segment. GGR has […]

MGM Resorts International said it’s delaying the opening of its new resort on Cotai due to the soft market conditions in Macau and the timing of other openings. MGM said it made the strategic decision to move the opening of its MGM Cotai development from the fourth quarter of 2016 to the end of the […]

Wynn Macau has sent a letter to the contractor developing its $4.1 billion Wynn Palace on Cotai warning of penalty payments should construction milestones fail to be met. The opening of the resort has already been delayed by three months to June 25th from an original launch plan in March. “We are concerned that with […]

Shares in Macau’s casino operators started the year on a black note, with all recording sharp losses after weaker-than-expected Chinese economic data added to yet another month of steep declines in local gaming revenue. SJM Holdings was the biggest loser, closing the first trading day of the year down 4.5 percent, followed by Sands China, […]

MGM China Holdings Limited and Sands China Limited will consider increasing the pay of their staff in 2016, according to local media.   MGM China CEO Grant Bowie said he had not yet made any decision about a salary hike. He was quoted as saying this year has been a difficult year for the company […]

MGM China celebrated the topping off of MGM Cotai, the second integrated resort of the casino operator in Macau. MGM Cotai, designed like a jewelry box, plans to offer approximately 1,500 hotel rooms and suites, meeting space, high end spa, retail offerings and food and beverage outlets as well as the first international Mansion at […]

Galaxy led in VIP market share gain in October by 6.3 percent month on month, boosted partly by win rate and at the expense of MGM which had a strong and lucky month in September, HSBC Research said. MGM’s share dropped 5.7 percent, while Sands relatively outperformed by adding 0.9 percent to its share.  Sands […]

MGM Resorts International (MGM) posted better-than-expected Q3 earnings as strength from its U.S. operations outweighed a 33 percent decline in Macau revenues and announced a plan to set up a real estate investment trust. While conceding that the REIT plans may take up most of the headlines, Deutsche Bank called the 3Q report “a truly […]

Casino stocks traded in Hong Kong plunged to multi-year lows on Tuesday, with losses spilling over into U.S. trading, after junket operator Neptune Group warned it may be forced to exit the business, while concern over Golden Week tourism numbers added to the gloom. SJM Holdings fell almost 7 percent to a five-year low, Wynn […]

Macau’s gross gaming revenue for the month through September 6 was MOP4.1 billion ($513.6 million), according to Bernstein Research channel checks. Last week’s average daily revenue was MOP683 million, 14 percent higher than August’s ADR of MOP601 million.  “It is the most robust week since late May 2015. We believe part of the strength may […]

MGM Resorts International posted lower Q2 revenue and earnings, dragged down by a slump in its Macau operations, but announced a “profit growth plan” designed to boost adjusted earnings before interest, tax, amortization and depreciation by about $300 million. Despite the decline year-on-year, the results were slightly better than most analysts had expected. “We are […]

Sterne Agee says Melco Crown Entertainment will not show quarter-on-quarter margin sustainability in 15Q2 in the same way Las Vegas Sands and Wynn Resorts did in their 2Q15 results. Analyst David Bain said the reasons for this include Melco Crown’s employee count build-up, which is more intense than the others due to the proximity of […]

Macau casino operators are leading gains on Hong Kong’s stock market for the first time in nine months, reported Bloomberg. Citing Macquarie Investment Management and Pictet Asset Management, Bloomberg says the winning streak is temporary. MGM China Holdings, Wynn Macau. and Sands China, rose at least 20 percent in July, defying China’s stock rout and […]

Macau’s casino operators will have wasted a great deal of time and money if they are forced to abandon smoking lounges in the event of a blanket smoking ban, according to local media. The lounges were located to make them convenient, so that the customers could see them from all areas in the casino, said  Mel […]

The secretary general of the Macau Gaming Enterprises Staff Association said that the results of a recent survey that shows most casino employees are in favor of smoking lounges are skewed due to respondents being under pressure to give certain answers. Kelvin Choi Kam Fu said that when taking part in the survey some casino […]

Macau’s six casino operators jointly announced the findings of an independent study into the attitudes towards proposed tobacco control legislation, which would ban all smoking inside casinos, saying a majority of employees back the retention of smoking lounges. The initial results of the study, conducted on behalf of Galaxy Entertainment Group, Melco Crown Entertainment, MGM […]

MGM Resorts International said its MGM China unit has completed the refinancing of its Hong Kong-dollar denominated senior credit facilities, upping the size of funds available and providing the company with the flexibility to develop its MGM Cotai property. The restated accord consists of a term loan equivalent to U$1.55 billion, up from the previous […]

Grant Bowie, the CEO of MGM China has declined to comment on speculation that MGM China’s parent company, MGM Resorts International, may merge with US casino operator, Wynn. After CNBC host Jim Cramer said there was “speculation” the two operators would merge – without citing his sources – Bowie has moved to quash the rumors. […]

MGM China said its board has offered to grant options to subscribe to just over 12.9 million shares to CEO Grant Bowie and “certain other eligible persons.” The award is being made under the share option scheme adopted by the company on May 11th, the company said in a Hong Kong Stock Exchange filing. The […]

Investors are still not cautious enough on Macau gaming stocks despite the sell off that has resulted in a 37 percent underperformance relative to Hong Kong’s benchmark Hang Seng Index this year, Morgan Stanley says in a note. “While sell side is generally negative, we see investors are inclined to add positions. We see further […]

MGM Resorts made capital expenditures of $292 million in the first three months of 2015, of which $146 million related to MGM China, the company announced in a filing. In a quarterly report filed with the US Securities and Exchange, MGM said its capital expenditures at MGM China included $132 million related to the construction […]

MGM Resorts International (MGM) Q1 adjusted earnings were well above analysts’ expectations, but revenue was weaker than expected, dragged down by Macau. Net income attributable to MGM rose to $169.9 million, or $0.33 per diluted share, from $102.7 million, or $0.20 per diluted share, a year earlier. The per-share comparison was skewed by a 12 […]

Union Gaming says it maintains its Buy ratings for both MGM and SJM following the company’s first quarter 2015 financial results. MGM’s total revenue less promotional allowances edged down to $2.33 billion from $2.63 billion a year earlier, missing analysts’ mean estimate of $2.40 billion. But Union Gaming says it is reiterating its Buy rating […]

MGM China CEO Grant Bowie says the gaming market will gradually stabilize despite 10 months of consecutive revenue declines, and that the public need not be pessimistic. Bowie said despite Macau’s testing times it is still a successful gaming market, he told Chinese-language newspaper the Macao Daily. As China’s anti-graft campaign forces operators to switch […]

MGM Resorts International posted worse-than-expected Q4 results as Macau revenue fell, but said its MGM China unit will pay a special dividend. The company reported reported a loss of $342.3 million, or 70 cents a share, in the last quarter of 2014. On an adjusted basis, it had a profit of $0.01, below the $0.07 […]

As the Covid-19 crisis descended upon, first, China, then the world, the six Macau operators have not been idle in their CSR efforts, in spite of the mandated casino closures and reopenings under difficult economic conditions.

The Coronavirus, now renamed as Covid-19, has devastated the near-term outlook for Asia’s casino operators, though analysts still expect demand to snap back sharply once the outbreak is under control. The big question is when that might be.

Macau’s operators have stepped up their corporate social responsibility (CSR) efforts in recent years, in particular when it comes to China cultural cooperation, which may help their case when it comes to concession renewal.

Melco Resorts & Entertainment and MGM China outperformed their peers in the latest reporting season, as the ramp up of new product offerings drove growth.

As concern mounts about the global environment, many of Asia’s giant IRs are taking significant steps to minimise their impact, investing heavily in green technologies and other waste control initiatives.

Despite short-term headwinds from China’s slowing economy and trade friction with the U.S., analysts remain optimistic Macau will retain its crown as Asia’s top gaming hub.

The first of Macau’s six casino concessions expire in less than 18 months, though the operators who have invested billions in the territory still have no clarity as to how, or even if, those licenses to operate will be renewed.

Macau gaming stocks are feeling the heat from the trade war between the U.S. and China, falling to their lowest levels in a year, with some analysts cutting their growth forecasts on concern for a slowdown in China’s economy.

The year 2017 saw a distinct acceleration in the race to obtain licenses to build and operate Japan’s first IRs. While everyone agrees that the potential scope of the market is vast, without the precise locations and the terms of regulation yet being clarified, estimations of the ultimate size of this market remain little more than guesswork. Progress in the year was once again stalled by politics, though operators are hoping to push forward in 2018 with both the legislative framework and their own groundwork.

Macau’s sixth Legislative Assembly elections will take place on Sunday, with gaming-related candidates proposing more concessions, a social fund and better workers’ rights as part of their platforms. Seven gaming-linked candidates are competing as part of a 24-strong field for the 14 available seats.

As operators around Asia vye for licenses in new markets, one corporate social responsibility expert suggests they should change their approach. Jan Jones Blackhurst, executive vice president, public policy and corporate social responsibility, at Caesars Entertainment says not enough is being done to explain what an IR is and the benefits it can bring to society. Not only can a good CSR program help to alleviate perceptions about gambling harm, it can also be a revenue driver. 

In just three years, the first of the licenses awarded to Macau’s concessionaires expire and, despite the billions of dollars invested by the operators in the market, there is still no clarity over the renewal process. There is no mechanism under the current law for automatic renewal which, as the deadline approaches, is leading to increasing concern in the market as to the tack the government may take. Views on the ground are mixed.

Macau saw a 62 percent spike in MICE visitation in the first quarter, helped by government subsidies, though the territory still faces considerable hurdles to reach its full potential as an events and exhibitions destination. Macau has lost out to regional rivals due to a lack of hotel capacity, limited venues, poor transport links and a branding problem and although problems are gradually being addressed progress is slow.

While the Macau market still has plenty more to give, operators are starting to look elsewhere for future growth potential 

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.

Chinese Premier Li Keqiang praised Macau’s efforts to diversify its economy during a three-day visit last year, but market experts say operators are still trying to get the recipe right when it comes to non-gaming attractions and face an uphill struggle. Revenue from non-gaming has improved, however, Macau is still far from being a destination that will attract visitors for its tourism offering off the casino floor. 

Galaxy Entertainment added to its range of non-gaming attractions in June, opening Macau’s first Apple Store, as operators seek to appeal to a broader market to replace the shrunken VIP sector. Macau now gets around 45 percent of its revenue from the mass sector, up from the low point of 26 percent in 2Q11. Although the mass sector has significantly higher margins than the VIP at 25 percent to 55 percent compared with 10 percent, for most, that shift is still not yet showing through in the bottom line. Getting the marketing message right may be key to tapping the mass market.

Macau’s six casino operators will begin reporting Q2 results later this month, with analysts expecting a mixed bag. Though operators say they are seeing signs of stabilization in the market, that is unlikely to be reflected in the bottom line, at least for now. The consensus is that revenues and EBITDA will fall from the prior quarter and will hit the lowest level in five years.  

Macau’s tourism development masterplan, which aims to transform the VIP gaming hub into a mass market, diversified leisure destination, forecasts as many as 40 million tourists a year by 2015. The blueprint contains a clear vision of what the government wants for the future, with tourists staying longer and spending more on non-gaming activities. However, tourism industry experts say Macau as a family destination faces significant headwinds and stakeholders still haven't reached consensus on what brand Macau should be. 

Macau industry observers, gaming analysts, and even casino operators are now admitting that the decade-old party has run out of steam, if not over. The “build it and they will come” maxim and its attendant hubris that has characterized the Macau gaming industry since 2003 are now causing deep concern to operators and investors alike. To counter the downturn, the knee-jerk reaction has been to cut costs, directly affecting customer service. This could be a disastrous strategy. According to a recent Gartner study, 89 percent of the companies surveyed will be competing on the basis of customer experience in 2016, nearly a three-fold increase from five years ago.

A Macau casino company CEO recently told a group of investors, “Hengqin is the most underreported story about Macau.”While many in the gaming and hospitality industries increasingly take note of Hengqin’s future plans, projects are beginning to rise from its ground. Cratered construction sites of a Cotai magnitude, along with extensive underground infrastructure, reveal the subterranean clues of projects yet to come. Many analysts and industry observers see the development of the island’s tourism facilities as being the real game changer for Macau as it tries to transform itself into a mass market leisure destination.  

Macau’s casino operators have already cut the low hanging fruit when it comes to reducing operating costs and are now struggling to further pare expenses as the slump in the market drags into its 19th straight month.With labour cuts not an easy option in Macau, the casinos face a juggling act in scaling back customer service standards without losing the customer. They are looking for creative ways to cut back behind the scenes and make every penny count.  

The Macau Chief Executive is the ultimate government authority in determining policy, licensing and regulating the operation of casino games of chance and other gambling activities in Macau. In exercising such powers, the Macau Chief Executive is assisted by the Gaming Inspection and Coordination Bureau, best known for its Portuguese acronym “DICJ”.

At this year’s Macau Gaming Show, experts were called upon to ponder whether Macau, the world’s largest gambling hub, can follow the example of Las Vegas and transform itself into an entertainment capital for the mass market.Views varied, but the one common thread was that it was going to be a long and painful transition. While Las Vegas revenue crumbled over a period of years following the financial crash of 2007, the Macau market has fallen off a cliff in little over a year largely as a result of a government policy decision in neighbouring China. That creates challenges for those trying to reinvent the market.

Macau’s casino operators, who have put up a united front in opposing a proposed blanket ban on smoking, may have won a battle with signs the government is softening its stance, but have not yet won the war.After appearing firm in its resolve to make smoking in casinos a thing of the past, the government has mellowed its tone and says it will consider keeping the lounges. But the onus will be on the operators to prove they are not harmful to health and that may be a tough call.

Macau Chief Executive Fernando Chui Sai On sent a clear message to the casino industry in the first policy address of his second term in office this week - the government is no longer just paying lip service to diversifying the economy away from gambling. The territory, which in just over a decade has grown its industry to be more than seven times the size of Las Vegas, is currently dependent on gambling for 85 percent of its income. However, after nine straight months of declining revenue that triggered a 17 percent contraction in Q4 gross domestic product, Chui said the industry is going through a phase of “adjustment.”The territory, which in just over a decade has grown its industry to be more than seven times the size of Las Vegas, is currently dependent on gambling for about 85 percent of its income. However, after nine straight months of declining revenue that triggered a 17 percent contraction in Q4 gross domestic product, Chui said the industry is going through a phase of “adjustment.”The government has cut its projected revenue from gambling receipts this year to average 20 billion patacas ($2.5 billion) a month from 27.5 billion patacas, while analysts are forecasting a second year of contraction, possibly by as much as 30 percent, according to Deutsche Bank.In his address, Chui said the government will strengthen its oversight of the casino industry as licenses come up for renewal and may require the companies to regularly submit their investment and development plans for review, in particular with regard to non-gaming activities. A tourism panel, under Chui’s supervision, will draft a five-year plan for stable casino growth that will make the region less reliant on casino revenue. Macau, Chui said, will become a center of tourism and leisure travel.

As the first quarter comes to a close, there seems to be little reprieve for Macau’s battered casino stocks, with analysts continuing to cut estimates on the back of weak Chinese New Year revenue and an ongoing stream of negative news. Although the February fall in gross gaming revenue was the worst on record at almost 49 percent, it wasn’t as bad as some had been expecting. Still the consensus is that the market has not reached a bottom as yet. Comments from both analysts and operators continue to reflect longer-term optimism, but agree there remains little near-term visibility. “February was very weak especially given Chinese New Year and a lot of analysts are revisiting their forecasts,” said Alex Bumazhny, an analyst at Fitch Ratings, which this week predicted a 4 percent decline for 2015 GGR. “The market is banking on a slow down in premium mass and on the whole it’s not looking so good for 2015.” It’s also unclear as to whether the regional operators which saw a sharp uptick in Q4 VIP revenue as high rollers fled Macau, will continue to benefit as China pledges no let up in its anti corruption drive. JP Morgan in a recent report cut its earnings and share price target estimates by 25 percent and said it now expects an 18 percent decline in 2015 GGR, while Deutsche Bank issued perhaps the most bearish forecast so far, predicting a 30 percent drop and slapping a sell rating on the Macau five operators apart from SJM Holdings, which was already rated sell. JP Morgan said it doesn’t expect a pick up in share valuations until April, pointing also to a series of regulatory overhangs in the market. Deutsche Bank says the GGR decline may extend into 2016. The Macau government will conduct an interim review of the gaming sector this spring and may provide more clarity on new table allocations to casinos. It is also likely to discuss the issue of inbound mainland visitors with Beijing and whether their movements will be further restricted. The government last year clamped down on transit visas to third country destinations and has said it may review the Individual Visa Scheme. “We believe the market would not give the benefit of the doubt, until such regulatory issues are proven to pass without any significant surprises,” the bank said. Citi is more upbeat, saying it believes the market may be at a turning point, but still sees no signs of recovery in the VIP sector. The firm recently cut its forecasts for 2015 market GGR to negative 16 percent, from its prior estimate for a drop of 4 percent. The Q1 results will follow on from a set of financial statements for Q4 that, while gloomy, were largely in line with expectations. “The results were more or less consistent with what we expected,” Fitch’s Bumazhny said. “Wynn lost some market share and that appears to have continued in Q1 which is a concern.” Wynn Macau, which currently has just one highly VIP focused property, posted the biggest drop in quarterly revenue so far. (Galaxy Entertainment will report on March 19th and SJM Holdings didn’t split out Q4 figures). Net revenues were $761.2 million, a 32 percent decrease from the $1.12 billion generated in the fourth quarter of 2013. Adjusted property EBITDA in the fourth quarter of 2014 was $241.2 million, down 35.5 percent. VIP turnover was down almost 40 percent, however the group has been renovating its casino floor which resulted in a drop in VIP tables to 244 in Q4 from 273 in the prior year. That renovation, which includes the addition of two VIP rooms and a new relationship with top junket operator Sun City, was scheduled for completion ahead of the Chinese New Year. Despite the weak Q4 for Wynn, analysts are generally reasonable bullish about its outlook. Sterne Agee’s David Bain wrote in a recent report that his buy recommendation on the stock remains intact and that investors have given little credit for its renovations and still less “to a top tier junket operator occupying one of its rooms that currently does not do business at its facility.” Bain and analysts at Citi also pointed to the fact that the opening of its new Wynn Cotai will be transformational for the company. Citi said the new property is likely to be the “premier” resort on Cotai, although the company indicated in its Q4 earnings call that the opening may be delayed. MGM China’s Q4 was also weaker than most had expected. Revenue fell 22 percent to $719 million, while adjusted EBITDA dropped 22 percent to $185 million. Like Wynn, MGM also cut Macau VIP tables in the quarter to 195 from 235. VIP table games revenue dropped 39 percent, while mass floor revenue jumped 19 percent, reflecting an increase in main floor games up to 228 from 195. UBS analyst Robin Farley points out the mass performance in the quarter was “impressive,” above the firm’s 18 percent growth forecast and the market consensus for a drop of 16 percent. The group said it remains on schedule for the planned opening of MGM COTAI in 2016. The expected total development cost is approximately HK$23 billion, excluding land costs and capitalized interest. It also announced plans to spend $100 million on revamping the main floor at its existing MGM Macau. Sands China as expected benefited from its bias towards the mass market and its higher capacity than other operators. Total net revenue declined 16.2 percent in the quarter to $2.12 billion, while adjusted property EBITDA decreased 14.7 percent to $713.2 million. Mass revenue was down 9 percent, while premium mass was down 17.5 percent. VIP volume was down 42 percent. “In Macau, we like its peer-high weighting to mass gaming (higher visibility and margins than VIP), peer-high hotel room capacity amidst strong visitation growth and gaming position lead in Cotai,” Sterne Agee’s Bain said. The company noted on its earnings call that there is room for improvement to its Q4 margin of 34 percent going forward, as the drop in the mass market was so rapid towards the end of the year that it had not had time to adjust expenses. However, analysts also noted that the company is no longer giving a specific time frame for the opening of its Parisian Macau resort, saying that the target remains “sometime in 2016.” UBS’ Farley says that the U.S. casino giant will need the Macau government to approve more labor to achieve that date. Melco Crown saw its Q4 revenue drop 20 percent, although again analysts are slightly more upbeat about the company’s prospects given the opening of its Studio City property later this year. The consensus view is still that added capacity will drive growth, although Deutsche Bank’s latest note even casts doubt on this theory. The opening of two new gaming venues this year isn’t expected to boost demand, and the market is underestimating pressure on casino operators’ profit margins, the German bank’s analysts noted this week. Melco’s adjusted property Ebitda was down 29 percent to $278.6 million. SJM’s annual gaming revenue dropped 8.8 percent to HK$79.3 billion, but CEO Ambrose So said it had been a challenging year, with a deterioration in the last half. So said that investors should not expect any sharp rebound in casino earnings in 2015, although is cautiously optimistic that revenue will stop falling in the second half of the year.     ****** MPE