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sabato 22 novembre 2014

Macau: analysts join others in cautioning

Analysts at Fitch Ratings Service Tuesday joined the chorus of cautionary investment advice toward the Macau gaming market, which has seen five straight monthly revenue declines and facing a sixth in November.

The bond advisement service predicted zero growth in Macau’s gaming revenue by the time 2014 is concluded, and an overall decline of 1 percent in 2015.

“Fitch’s forecast reflects the persistent weakness in the VIP business, which seems to be spilling over to the premium mass segment,” analyst Michael Paladino told investors.

He said the market might not recover until two resorts open in the second half of 2015 — the Galaxy Entertainment Group expansion of the Galaxy Macau and the Melco Crown Entertainment Limited opening of Macau Studio City.

“Our 2015 forecast may prove overly conservative if VIP bounces back to recent historical averages,” Paladino said.

Macau, which produced a record $45.2 billion in gaming revenue in 2013, has been a downward spiral since the summer.

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