Secretary for Economy and Finance in Macau Lionel Leong Vai Tac said September’s GGR “does not look satisfactory” so far.
Macau.- Gaming is the main driver of the Macanese economy, but it seems to be facing some hurdles. That’s why Secretary for Economy and Finance in Macau Lionel Leong Vai Tac said September’s GGR “does not look satisfactory.”
He also said he expects exports of services will have seen a year-on-year contraction for the last three months.
He also said that current fluctuations in the economy are linked to the “China-U.S. trade war”.
The Chinese region of Macau owes its economic growth mainly to the gaming industry. Specifically, according to Bernstein Research, VIP and premium players are the top factors that drive the local market.
The financial services firm explained that between 300-400k individual VIP and premium players make up for 70% of Macau’s GGR. The firm released a document titled “The rise of Chinese gaming: A brief history and glimpse into the future of Macau,” in which it highlights that segment.
Analysts Vitaly Umansky and Eunice Lee say that group is growing and each individual travels four times to Macau. Their research shows that VIPs contributed to €23.8 billion of Macau’s gross gaming revenue in 2018.
Sands China and Galaxy Entertainment Group lead Macau’s gaming market share, Deutsche Bank said. Analysts at the financial services firm explained the companies retained the top spot during the first six months of 2019.
Experts explained that Sands China leads all companies at 24.1% of the total market. Galaxy Entertainment Group came next, with 21.4%. Melco Resorts, Wynn Macau and SJM, followed with the other 15.8%, 15.3% and 14.3%, respectively.