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Universal Entertainment said Okada Manila is opening more hotel rooms to accommodate visitors as its July revenue spiked 48 percent from the prior year.
The street protests that have been rocking Hong Kong for the past nine weeks are beginning to have an impact on gross gambling revenue in Macau, Bernstein analysts wrote in a note.
SJM Holdings reported a 0.7 percent decline in H1 gaming revenue, as growth in the mass market failed to offset a 25 percent drop in VIP revenue.
Bernstein Research has lowered its forecast for Macau’s July gross gaming revenue, mainly due to an expected lower VIP hold.
Gross gambling revenue in Macau’s mass market sector far outstripped the long-dominant VIP segment in Q2, helped in part by a reclassification of tables following the full smoking ban that came into effect in January.
The mass market in Macau accelerated to grow 12 percent in Q2 compared with the same period a year ago, with Melco Resorts & Entertainment increasing its share of EBITDA, according to a note from Morgan Stanley.
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.
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.
Gross gaming revenue in June is expected to be lower than in the prior two months, but should still gain between 3 and 5 percent, according to analysts at Bernstein Research.
Genting Singapore Q1 results topped expectations, mainly helped by a higher luck factor, though analysts say they are cautious about near-term prospects.