Macau’s Gaming Inspection and Coordination Bureau’s director is optimistic

Paulo Martins Chan, the new director of the Gaming Inspection and Coordination Bureau in Macau believes the worst is now over for the city’s gaming industry.

Macau.-  Paulo Martins Chan the new director of Macau’s Gaming Inspection and Coordination Bureau said in an interview with Radio Macau, that the worst is now over for the gambling hub’s gaming industry.

Mr Chan expressed during the interview that the drop in casino gross gaming revenue (GGR) should slow down this year. Furthermore, he commented that he expected the losing streak in the gaming industry to have continued in March, but noted that the sector was starting to show signs of stabilisation adding that he expected casino GGR for full year 2016 to fall “about 10 percent” in comparison to the previous year.

“The most difficult times are now behind us. I think that, if there’s a decline [in casino revenue] this year, it will be a slight decline,” Mr Chan affirmed.

Brokerage Daiwa Securities Group Inc stated on Wednesday that it remained “skeptic” in connection to the recent market comments that had suggested “robust footfall” in Macau’s casinos, supporting the argument for mass-market stabilisation in Macau.

“Our ground checks in Macau last week were sobering, with industry participants sharing an overall air of cautiousness about the sector’s near-term prospects,” said Jamie Soo and Adrian Chan, both Daiwa’s gaming industry analysts. “Indeed, we remain skeptic of the street’s recent bullish change of view and the sustainability of the recent share-price rally,” they added.