According to a report by brokerage Sanford Bernstein, VIP gross gaming revenue will not show a recovery until 2023.<\/p>\n\n\n\n\n\n\n\n
Macau.- Analysts at Sanford C. Bernstein have released a report forecasting that VIP gross gaming revenue (GGR) will not recover from the impact of the pandemic crisis until 2023.<\/p>\n\n\n\n
The report considered that only in 2023 will there be \u201cmore visibility around junket liquidity and demand\u201d.<\/p>\n\n\n\n
It added: \u201cVIP in 2021 \u2013 and to a lesser extent some premium mass \u2013 could be negatively impacted by continued tighter capital controls and customer and agent concerns about dealing with junkets.”<\/p>\n\n\n\n
Macau\u2019s VIP baccarat GGR in the third quarter this year was MOP2.34bn (US$293m) of Macau\u2019s nearly MOP4.89bn casino GGR for the period, representing a fall of 92.5 per cent in year-on-year terms.<\/p>\n\n\n\n
However, VIP baccarat GGR had a\u00a0market share of 47.9 per cent\u00a0for the third quarter of 2020.<\/p>\n\n\n\n
Mass-market baccarat generated nearly MOP1.88bn in the three months to September 30, a market share of 38.40 per cent.<\/p>\n\n\n\n
The brokerage said: \u201cNear-term, we forecast GGR in 2020 to decline 78 per cent (-64 per cent in fourth-quarter 2020). Five of the six operators have already achieved EBITDA break-even in October\/November, and by the end of the year, we expect all six, including SJM [Holdings Ltd], to do so.”<\/p>\n\n\n\n
The report, signed by analysts Vitaly Umansky, Tianjiao Yu, Kelsey Zhu and Xiaonan Zhang, added: \u201cCurrent investor sentiment on Macau is best described as uncertain, with long-term investors looking at the structural story beyond 2020 and shorter-term investors focused on the travel and near-term revenue recovery catalysts positioning for a momentum-driven stock price upswing.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
According to a report by brokerage Sanford Bernstein, VIP gross gaming revenue will not show a recovery until 2023.<\/p>\n","protected":false},"author":144,"featured_media":11973,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"footnotes":""},"categories":[160,16338,163,158],"tags":[2141,725,257],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/11970"}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/144"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=11970"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/11970\/revisions"}],"predecessor-version":[{"id":11987,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/11970\/revisions\/11987"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/11973"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=11970"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=11970"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=11970"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}