Good Morning. Macau’s shift to effectively eliminate junkets and control credit-issuing options is strongly in line with the policies that both the Macau and mainland Chinese government are after, notes an expert. But the policy means that Macau will never again reach the peak it previously achieved. Meanwhile, Galaxy and MGM battle it out for market share, but note the pie is big enough for everyone. However, behemoth Sands China marked a comeback in the first quarter, aiming to capitalize off of its scope.
What you need to know
- Macau’s ban on junket gaming credit insurance aligns with China and Macau’s public policy, says a gaming expert.
- Galaxy Entertainment and MGM China indicate that competition in the industry is intensifying, but is still manageable.
- Sands China records stark EBITDA increase, as operations in Macau and Singapore both shine, based on gaming and non-gaming.
On the radar
- Morgan Stanley cuts Galaxy’s earnings outlook due to market share loss.
- Crown Melbourne unveils first new venue as part of redevelopment.
- Macau 1Q mass GGR at 112% of 1Q19 levels.
- Entain records good progress, increase in active customers.
AGB Intelligence
MACAU
Junket credit ban aligns with China policy: expert
The moves to rein in junkets in Macau are consistent with an overall policy to control the industry, notes industry expert Fredric Gushin. Rampant practices by the operators previously, including side-betting, led to the overall crackdown, including the mandates that junkets no longer control their own cages. The expert notes that Macau’s GGR will continue to grow despite the absence of gaming promoters but that it will never again reach its peak.
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