According to local analysts, Australian VIP market will see a potential recovery in the 2020 financial year.
Australia.- Incoming Asian high-roller gamblers’ spending had lowered in Australia recently. However, analysts in the country expect the Australian VIP market to see a potential recovery in 2020.
According to Macquarie Wealth Management analysts, there has been a “U-turn” in mainland Chinese sentiment. “We see (the trend) flowing into VIP confidence and driving an uptick in volumes.”
“We now include a VIP recovery in the financial year 2020. While we remain cautious on [19H2] VIP volumes, with our view that Macau VIP bottoms in the June 2019 quarter, we are optimistic and now forecast a recovery,” analysts told the Sidney Herald.
Crown Resorts released its 2018 financial results, which indicate that revenue totalled €969.9 million for the full year, representing a 1.2% decline when compared to the previous year.
The company said that main floor revenue was up 0.9% to €547.9 million, and EBITDA was €258.1 million, a 0.5% rise. Australian operations in the first half of the year reflected mixed trading conditions and Melbourne posted a modest revenue increase, offset by continued soft performance in Perth.
Star Entertainment unveiled its latest financial results as well and detailed the company’s performance during the six months ended December 31, 2018, and show that it experienced a 2.4% decline in profit during that period.
The company said that it believes that global VIP gambling market remained robust overall and that the half-year decrease in turnover was not something that could concern them in the long run: “Once the uncertainty settles down, I expect it to come back. We are not pushing the panic button… we are executing our strategies,” said Star Chief Executive Matt Bekier, according to WAtoday.com.au.