Macau GGR down 20 percent in Nov., Sterne Agee says

Macau gross gambling revenue is likely to show a drop of 20 percent in November, the sixth straight month of declines, according to Sterne Agee checks.
The firm said Macau table-only GGR through Nov. 23rd was MOP17.9 billion ($2.24 billion), while including slots it was MOP24.3 billion.
As a result, the firm said it has narrowed its forecast range for November to a drop of between 19 percent and 22 percent, from 17 percent to 21 percent previously.
In a note on visitation figures to Macau in October, Sterne Agee said that the actual number of tourists had risen, even though GGR fell 23.2 percent in the month, indicating a shifting profile of visitor.
“In essence, the quality of customer continues to demonstrate itself as relatively weak versus last year, a product of China’s anti-corruption campaign and a choppy Mainland macro backdrop,” it said.
However, the visitation numbers indicate that mainland Chinese still wish to visit Macau.
The recent announcement of the extension of border hours between Macau and China is likely to benefit the casinos and also shows Beijing’s continuing support for the territory, the note said.
“Macau, with 1.6 percent unemployment and no “Occupy-like” movements, remains a success story for the “One-Government, Two-System” policy touted by China.”
It notes the Lotus Bridge, which connects Hengqin Island and Cotai, is next to Melco Crown Entertainment’s new Cotai resort, Studio City, which is scheduled to open in 2015.