Good Morning. Being part of the ‘AA’ club is not a problem, particularly for Macau, as strong visitation and mass play (especially premium) caused Fitch Ratings to affirm its ‘AA’ rating and Stable outlook. Expectations are for a slight tempering of GDP growth this year as the territory struggles to diversify its economy. Looking to operators, MGM China’s licensing fee increase has caused some concerns over dividends, but analysts anticipate the operator will placate shareholders accordingly. And in the Philippines, the online sector is tightening up even more, with PAGCOR pushing better KYC protocols and advertising restrictions.
What you need to know
- Fitch affirms Macau’s ‘AA’ rating and Stable outlook on ‘relatively resilient’ premium mass, with expectations for 4% GDP growth this year.
- MGM China license fee hike sparks dividend debate; CLSA maintains Outperform rating, sees payout ratio rising to offset hit.
- Philippine gaming regulator PAGCOR is further tightening regulations on online gambling, including stringent KYC measures.
On the radar
- Tabcorp fined by ACMA for taking in-play tennis bets.
- Novomatic bid for Ainsworth fails as deadline passes.
- Galaxy opens Capella for “top percentile of VIP guests”.
- Lawmaker requesting investigation into Epstein’s network in the Philippines.
- Cambodian authorities raid Golden Lion Casino Hotel in fraud crackdown.
- Chinese ambassador calls for Cebu–Xiamen air link to strengthen ties.
- Thailand tightens exports to prevent scam compounds rebuilding.
AGB Intelligence
MACAU
Fitch affirms ‘AA’ rating and Stable outlook
Strong visitation and mass market play are expected to continue this year, causing analysts at Fitch to affirm their ‘AA’ rating for Macau, with a Stable outlook. The premium mass segment should remain ‘relatively resilient’, with expectations for GDP growth to slow slightly year-on-year to 4 percent. Healthy fiscal reserves help allay concerns over the territory’s strong dependence on China, despite limited options for economic diversification.
Industry Updates
- MGM, SJM and Wynn celebrate Forbes Travel Guide Five-Star recognitions.
- BetX Pro by Pronet Gaming: optimizing exchange betting for new markets.
- GLI names Patrick Cottingham as Director of Client Services for North America.
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