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Macau GGR disappoints with 3.5% decline in July on VIP concerns

Ben Blaschke by Ben Blaschke
Thu 1 Aug 2019 at 14:29
VIP Baccarat falls below 50% of Macau GGR contribution in 2Q19 as mass continues to rise
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Macau recorded a 3.5% year-on-year decline in gross gaming revenue to MOP$24.45 billion (US$3.01 billion) in July, the result coming in well below initial predictions due in part to Chinese media reports alleging links between leading junket operator Suncity Group and online gaming.

The result came despite a strong start to July in the mass market segment with JP Morgan analysts estimating mass GGR finished the month rising by 12% to 13% compared with July 2018, negated by an estimated decline of more than 20% in the VIP segment. They also suggest that Macau’s top three junkets all suffered significant falls in rolling chip volume with demand having “deteriorated sharply” as the month went on.

Bernstein’s Vitaly Umansky, Eunice Lee and Kelsey Zhu offered a similar analysis, stating “Demand fell off going into the latter half of the month with some agents and players pulling out on the back of worries over heightened scrutiny overall after the Suncity incident.”

As a result, average daily revenue for July was MOP$789 million, down 1% on June and 6% on May numbers. Macau’s GGR for the first seven months of 2019 now sits at MOP$173.96 billion, down 0.9% year-on-year.

Early estimates for August have GGR staying relatively flat year-on-year.

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Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

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