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Tuesday, June 26, 2012
Macau Casinos Decline on Visa, Credit Limit Concerns - Bloomberg
The Galaxy Entertainment Group Ltd. Galaxy Macau casino resort in Macau, China. Growth in mainland Chinese visitors to Macau may have softened in May as the Guangdong local government might be tightening visa issuance and as China UnionPay reduces the amount that can be spent overseas on credit cards, Chinese language Macau Daily reported on June 23. Photographer: Jerome Favre/Bloomberg
May 9 (Bloomberg) -- Gabriel Yap, executive chairman of GCP Global Pte, an investment management firm, talks about Macau's gaming industry and his investment strategy. Wynn Macau Ltd., the Hong Kong-listed unit of billionaire Steve Wynn’s Las Vegas company, reported a 10 percent increase in first-quarter profit as Chinese tourists drove up revenue in the world’s largest gambling hub. SJM Holdings Ltd., the Macau casino operator founded by billionaire Stanley Ho, reported a 22 percent increase in first-quarter profit. Yap speaks from Singapore with John Dawson on Bloomberg Television's "On the Move Asia." (Source: Bloomberg)
May 8 (Bloomberg) -- Aaron Fischer, head of Asia consumer and gaming research at CLSA Ltd. in Hong Kong, talks about the outlook for Macau's gaming industry and his investment strategy. Fischer also discusses luxury goods retailers. He speaks with Susan Li on Bloomberg Television's "First Up." (Source: Bloomberg)
Growth in mainland Chinese visitors to Macau may have softened in May as the Guangdong local government might be tightening visa issuance and as China UnionPay reduces the amount that can be spent overseas on credit cards, Chinese- language Macau Daily reported on June 23. Macau casino gambling revenue rose 7.3 percent in May, the slowest pace since July 2009.
“Recent weakness in Macau gaming revenue and visitation growth could be partially explained by the visa restrictions and reduction in China UnionPay limits highlighted by the Macau Daily,” Cameron McKnight, an analyst at Wells Fargo & Co., said in a June 25 research note. “While expectations have recently moderated, we believe outperformance in the Macau stocks is likely to be limited here.”
Visitors from the mainland drove casino revenue up 42 percent last year in the only city in China where casino gambling is legal, pushing up earnings at Macau operators. About 16 million mainland Chinese tourists visited the city in 2011.
Gambling revenue for the six casino operators in the former Portuguese colony rose last month to 26.1 billion patacas ($3.3 billion) from 24.3 billion patacas a year earlier, according to the Chinese city’s Gaming Inspection and Coordination Bureau.
“The report on visa tightening is a bit speculative,” said Grant Govertsen, a Macau-based analyst at Union Gaming Group. “We haven’t seen anything so far to convince us this is happening.”