Union Gaming

    Website: http://www.uniongaming.com/

    Union Gaming is a boutique investment bank focused exclusively on the global gaming industry. The company specializes in global equity and high yield research, securities dealing, investment banking and advisory. Founded in 2009, the company has offices in Hong Kong, Las Vegas, Macau, and New York.Union Gaming Securities is an SEC and FINRA member firm in the United States, and a Type 1, 4, and 6 licensed corporation with the Securities and Futures Commission (SFC) in Hong Kong.Union Gaming Analytics is a advisory firm and affiliate of Union Gaming Securities. The company conducts gaming market studies and feasibility studies for corporate and government entities, as well as RFP submissions and development advisory for greenfield gaming projects globally.

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    Return of demand “vague and uncertain,” says Union Gaming

    The impact of the coronavirus on the industry in Asia has been unprecedented and the pace of reopenings and return of demand remains “vague and uncertain to say the least,” Union Gaming wrote in a note.

    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 […]
    macau gaming table

    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 […]

    Jeju Dream Tower progresses as GGR recovers

    Construction at Lotte Tour Development's Jeju Dream Tower is making significant progress, while the overall South Korean market is trending higher after a political spat between Beijing and Seoul hit revenue at foreigner-only casinos last year.

    Mass market leads Macau’s Q2 growth

    The mass market overtook the VIP sector to lead growth in Macau’s gross gambling revenue in Q2 with a gain of 21 percent over the prior year, according to figures from the Gaming Inspection and Coordination Bureau.

    China protests seen unlikely to dent Indochina prospects

    A backlash against a perceived influx of Chinese investment has sparked protests in both Vietnam and Cambodia this year, though experts say the outlook for two of the region’s most promising gaming markets remains positive. Most recently the protests have centered on plans for three economic zones in Vietnam, one in the center, one in […]
    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.

    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 […]

    Goa to become $1 billion market

    Goa could become a US$1 billion market once it transitions to a land-based market, said analyst Grant Govertsen in a note on Friday. “We expect Goa to quickly become a US$1bn market as it transitions to land-based casinos (from $150 million today), which is still just a fraction of India’s total GGR potential of $10 […]

    Macau Q4 mass GGR better than expected

    Macau’s gaming regulator published a breakdown of Macau GGR for the fourth quarter of 2017 on Tuesday, revealing higher than expected mass GGR performance, and decelerated VIP growth in the quarter. According to a note from Union Gaming, the Q4 results were outside of investor expectations – which was expecting a stronger weighting of growth […]

    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 […]

    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 […]

    Summit Ascent gets downgrade over tax hike: Union Gaming

    Gaming brokerage firm Union Gaming says it is downgrading its view of Summit Ascent Holdings due to the recent news of a two-fold increase in gaming taxes in Russia. Should the new bill be passed, Union Gaming says it would have an HK$11 million impact on its 2018 EBITDA estimate for the group. There is […]

    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 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,” […]

    VIP growth outpaces mass in 17Q2

    While the mass market continues drive GGR recovery, it was growth in VIP GGR which stood out most in the second quarter of 2017, says Union Gaming analysts in a Thursday note. According to the brokerage, 17Q2 was the first time in nearly six years that growth in VIP ( which grew 30.8 percent) outpaced […]

    Analyst highlights gloomy scenarios for Japan IRs

    Grant Govertsen, an analyst for Union Gaming, has produced a second report this month highlighting gloomy scenarios for the future of IRs in Japan. On July 5, Govertsen pointed to the decisive defeat of the ruling party in the Tokyo Metropolitan Assembly elections as a factor that it made it less likely the IR Implementation […]

    Tigre to enjoy monopoly for at least two more years

    Summit Ascent Holdings, operator of Tigre de Cristal in Vladivostok, is set to continue to get free reign over the market for at least the next two years, says Union Gaming. The brokerage said its VIP segment will be the main winner, forecasting a 80 growth in VIP volume in 2017. The casino saw VIP […]

    Financing gap spells pain for The 13: Union Gaming

    Delays to the opening of Macau’s newest high-end resort, The 13, spells bad news for the operator, said Union Gaming in a note on Tuesday. The hotel was due to open this month, but Union Gaming says a financing gap has prevented the operator from finishing the project. “The timing of the opening of The […]

    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 […]

    DICJ still to make decision on Roosevelt casino

    Macau’s gaming regulator, the Gaming Inspection and Coordination Bureau (DICJ) has received a request from the Macau Jockey Club Casino to move to the new Roosevelt Hotel property, Macau Business reports. It is understood that the DICJ had already received an application from SJM Holdings to relocate the Casino Macau Jockey Club to the Roosevelt […]

    ETG growth to slow through to 2018

    While a wave of new casino openings boosted ETG growth over the last twelve months, Union Gaming analysts expect this momentum to slow through to the end of 2018. According to the analysts, around 1,200 ETGs were added last year, totaling up to an estimated 14,000 ETG seats. Manila saw a 78 percent increase in […]

    Mass & VIP headed for 20 pct growth in 17Q2: Analysts

    With results from Macau’s six gaming operators in, Union Gaming analysts on Friday noted a  15.1 percent rise in mass table GGR in the first quarter of 2017. The growth in mass GGR outstripped VIP GGR growth, which grew 11.2 percent in the quarter. Mass however, exceeded expectations, growing 15.1 percent compared to estimates of […]

    Wynn Palace fuels 17Q1 profit and revenue boost

    Casino operator Wynn Resorts Ltd. saw an uptick in earnings and revenue in the first quarter of 2017, beating expectations, fuelled by strong performance from Wynn Palace and Las Vegas operations. Net revenues were $1.5 billion for the first quarter of 2017, an increase of 47.9 percent from $997.7 million for the same period of […]

    VIP growth outpaces mass in 17Q1

    Macau’s VIP segment recorded MOP 35.5 billion in GGR in the first quarter of 2017, growing 16.8 percent year-on-year, and 6 percent sequentially, according to the latest figures from the Gaming Inspection and Coordination Bureau (DICJ). The growth figures outstripped that of mass revenue growth, at only 7.9 percent growth in the quarter. Taking into […]

    March GGR grows 18.1 percent, driven by VIP

    Macau gross gaming revenue in March grew 18.1 percent to MOP 21.2 billion (US$2.7 billion), according to the latest figures from the Gaming Inspection and Coordination Bureau. The results were higher than market expectations, with analysts expecting growth between 12-16 percent. Accumulated gross revenue for the first three months of 2017 amounted to MOP$63.5 billion, […]

    GGR tax likely to be in mid single digits: analyst

    Gaming establishments in Cambodia will likely be subject to a tax rate in the “mid single digits” once the regulatory and tax bill comes into place, note Union Gaming analysts. The brokerage said this is based on NagaCorp’s earnings event last week, which had several high level government officials from the Ministry of Economy and […]

    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 […]

    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 […]

    Gaming tax hike not confirmed yet: Union Gaming

    The potential increase in gaming device tax paid by casinos in Russia has not yet been finalized contrary to media reports, says brokerage Union Gaming. In a note on Monday, analysts from Union Gaming made reference to media reports over the weekend detailing a two-fold increase in gaming tax rates – applicable to all taxable […]

    GGR poised for 7 percent growth in 2017: Bloomberg

    Gambling revenue in Macau is poised to rise 7 percent in 2017 led by mass market players, according to analysts surveyed by Bloomberg. In November, visitor numbers from South Korea, Japan and the U.S. went up, offsetting the decline in mainland Chinese tourist arrivals. “There are definitely more reasons to come to Macau now versus […]

    Japan IR bill blocked for now, but still alive

    The bill to legalize casino gaming in Japan has, for now, been blocked by the minority party DPP, noted Union Gaming on Tuesday. “This afternoon, Japan’s ruling Liberal Democratic Party (LDP) attempted to put the IR Promotion bill on the official legislative calendar, but the DPP (Democratic Progressive Party) has, for now, blocked the move,” […]

    Mass grows double digits in 16Q3: Union Gaming

    With Macau’s six operators having reported their third quarter results, Union Gaming says mass revenues showed solid growth in the quarter. “What we found was very encouraging and backs up various management commentary of notable mass market strength and our view that we’re seeing an inflection point,” said the brokerage in a note on Thursday. […]

    Trump victory won’t affect Macau near term, supplier upside

    Donald Trump’s election victory will not have an immediate impact on Macau SAR, says analysts, but it may be too early to tell. “I don’t think there will be any direct impact, positive or negative,” Union Gaming’s Grant Govertsen said to Macau Daily Times. “…because Macau has far more ties to the Chinese economy [than […]

    Genting Singapore Q3 profit jumps, but outlook uncertain

    Casino operator Genting Singapore reported net profit almost tripled in the third quarter of 2016, owing to its focus on higher margin business and better operational efficiency. Net profit for the quarter was S$106.8 million, compared with $37.2 million reported in the prior year period, according to a filing on Thursday. Third quarter revenue was […]

    Studio City drives Q3 results beat for Melco Crown

    Melco Crown Entertainment Q3 results beat analysts’ expectations, helped by an improved performance from its Hollywood-themed Studio City resort. Adjusted EPS was $0.13 per ADS, up from $0.11 per ADS a year earlier and above the $0.07 per ADS consensus. Revenue for Q3 rose 22 percent to $1.15 billion and beat estimates for $1.1 billion. […]

    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 […]

    Galaxy net profit up 28 percent in Q3

    Macau casino operator Galaxy Entertainment Group posted a 28 percent year-on-year rise in net profit in the third quarter of 2016, above analyst expectations. In a filing to the Hong Kong Stock Exchange on Wednesday, the operator said it was “encouraged by the continuing signs of market stabilization.” The company reported profit of HK$2.7 billion […]

    Cambodia gaming regulation a positive for Naga

    A recent public hearing in Cambodia has confirmed Naga Corp’s exclusivity in Phnom Penh through 2035, said Union Gaming in a note. “There was a public hearing today on the draft gaming bill that, at some point, will become law. Importantly, Naga’s existing rights are protected… Specifically, the bill sets in stone Naga’s exclusivity within […]

    Grind and mass games strong in 16Q3

    “Grind” and “base” mass customers continue to be the strongest segments in the market, said Union Gaming in a note on Tuesday commenting on recent 16Q3 data released by DICJ. According to the brokerage, the third quarter saw live multi game (LT Game stadiums) GGR increase 16 percent year-on-year, Sic-Bo GGR up 12 percent year-on-year, […]

    Macau casino stocks dip following Crown staff arrests

    Macau’s casino shares saw a dip in price after it was announced that Chinese authorities detained 18 employees of Crown Resorts for suspected “gambling crimes.” According to a report from Bloomberg, Sands China Ltd. dropped 3.3 percent, while Galaxy Entertainment Group Ltd. shares fell 4.3 percent. The Bloomberg Intelligence index of Asia Pacific casino stocks […]

    Thai King passing could have implications for gaming

    The passing of Thailand’s King Bhumibol Adulyadej on Thursday will have implications both near and long term for the gaming industry, said Union Gaming. “Over the near-term, we expect at least a month long period of very soft Thai-originated gaming volumes at several border casinos run by publicly traded operators. Over the long-term, a newly […]

    Paradise VIP growth “encouraging”

    South Korea’s Paradise Co., which operates foreigner-only casinos, reported that Chinese VIP volume gained 1 percent in September in the first gain in 24 months in a promising sign for the recovery of the VIP market, Union Gaming says. “While not exactly apples-to-apples given that Chinese VIP gamblers in Korea tend to be of much […]

    Parisian Macao a possible headwind for Studio City

    Sands China’s Parisian has seen strong foot traffic since opening, according to Union Gaming in a note on Monday. The French-themed casino resort opened its doors on September 13, marketed as a high-quality but affordable offering with a focus on the mass market. “We think Parisian is the right product targeting the right market segments […]

    Parisian Macau to receive 150 gaming tables

    Sand China’s newest development, The Parisian Macau has been given the same allocation as that of Wynn Palace – 150 total tables. The announcement was made by Macau’s Secretary of Economy and Finance, Lionel Leong over the weekend, according to a note from Union Gaming. Similar to that of Wynn Palace, the new development will […]

    Macau breaks two-year downward trend

    Macau posted its first year-on-year increase in gross gaming revenue in August, after a 26-month slump, according to statistics released by the Gaming Inspection and Coordination Bureau (DICJ). The gaming hub raked in MOP 18.8 billion ($2.4 billion) in gross gaming revenue in the month, an increase of 1.1 percent year-on-year. While the results “could […]

    Junkets headed for further consolidation: Union Gaming

    Gaming-focused brokerage Union Gaming says its long term outlook on Macau’s VIP segment remains negative, forecasting further GGR declines in 2017 even as the mass segment has turned positive. In a note from the brokerage on Wednesday, Union Gaming analysts say real VIP GGR growth rate was notably worse in 16Q2, at a 21.3 percent […]

    Wynn Palace to get 150 tables: Lionel Leong

    Macau’s Secretary for Economy and Finance, Lionel Leong, today announced that the government will allocate 150 tables to Wynn Macau for Wynn Palace which is due to open on Aug. 22  this year. It will then be allocated 25 more tables next January and another 25 tables on January 1, 2018. This amounts to a […]

    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 […]

    Macau 15Q3 gov’t data shows flat sequential mass GGR

    Combined gross gaming revenue in 15Q3 from mass market and slots in Macau was flat sequentially from 15Q2, amounting to MOP25.4 billion ($3.2 billion) and an indication of market stabilization, according to official data.  Combined mass and slots GGR had previously declined sequentially every quarter since 14Q1, indicating this quarter is, according to Union Gaming […]

    MGM China does well to shift to mass

    Wells Fargo said MGM China’s 15Q2 results were in line with its estimates, but likely above bearish investor expectations. However, the operator has done well to shift from VIP to mass. Analyst Cameron McKnight said considerable weakness in the Macau market has meaningfully reduced the size of the dividend MGM is being paid by MGM […]

    Macau’s VIPs spread their wings

    Macau’s reputation as the go-to destination for casino VIPs is under threat as facilities improve in other regional destinations that offer lower tax rates and better junket margins.

    Emerging Asian markets to lead sales growth

    Macau is likely to remain the largest market in Asia for electronic table games (ETGs) for the foreseeable future due to its sheer size, though growth is slowing and emerging markets such as Vietnam and the Philippines are likely lead further expansion.

    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.

    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.

    Ten years on, Melco Crown faces uncertain future

    Almost a decade on from Melco Crown Entertainment’s 2006 IPO, there are signs that the joint venture between two of the world’s largest casino operators is not meeting its sky-high expectations.

    Slots trump tables in new junket room club model

    The opening of Macau’s first junket-run VIP slot room has been seen as a bold move by an industry seeking new sources of revenue, but analysts have warned it may be a tough sell given the weak operating environment and lack of enthusiasm for machines among high rollers. The JJJ Grand Prize VIP slot room aims to emulate the model that lured China's high rollers to the baccarat tables. 

    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. 

    NagaCorp offers bright spot in Asia casino market, expansion to drive growth

    On an overcast morning in Cambodia's capital, Phnom Penh, the country's flagship casino looks less familiar than it did a year ago as construction obscures the entire front entrance. NagaWorld, which began as a boat moored on the Mekong River 20 years ago, is undergoing a major revamp, which is expected to help accelerate growth at one of the brightest spots in Asia’s casino industry.