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The IMF has explained why it cut Macau’s economic forecasts for this year, blaming a negative performance in the first half, falling investment and lower gambling revenue.
VIP play was tepid through the key Golden Week holiday in Macau and is likely to remain so for the rest of the month as trade tensions pressure Mainland China’s economy, analysts at Bernstein said.
Australia’s Star Entertainment Group has cut its EBITDA forecast for fiscal 2019 and says it will slash hundreds of jobs to counter the impact of a sharp slowdown in its VIP business.
None of Macau’s operators, or junkets, are showing confidence that VIP trends or demand are organically improving, despite positive macro leading indicators, analysts at Morgan Stanley wrote after a recent trip to the territory.