Macau 04 (Nov 15 - Dec 16)

Macau 04 (Nov 15 - Dec 16)

Postby winston » Mon Nov 02, 2015 4:17 pm

<Research Report>BofAML Expects Macau Nov GGR to Narrow Decline to 27.9% YoY

Bank of America Merrill Lynch, in its research report, noted that Macau's gross gaming revenue in October declined 28.3% yearly to MOP20.1 billion, suggesting a daily average of roughly MOP583 million during the last week of October, staying flat week-on-week.

This result was ahead of the broker's original estimate of MOP18.5 billion.

It also represents a 17.3% monthly increase, the largest sequential increase year-to-date. In the broker's view, the year-on-year GGR decline will narrow further in November to -27.9% yearly or MOP17.5 billion.

Based on available data till 25 October,
GALAXY ENT (00027.HK)'s market share was 25.7%, up 4 percentage points monthly.
SANDS CHINA LTD (01928.HK)'s market share was 23%, up 3 percentage points.
SJM HOLDINGS (00880.HK) held third with market share of 20.5%, down 1.9 percentage points.

The market shares of Melco Crown, WYNN MACAU (01128.HK) and MGM CHINA (02282.HK) were 12.5%, 9.5% and 8.7% respectively.

Source: AAStocks Financial News
Web Site: http://www.aastocks.com
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Re: Macau 03 (Oct 14 - Dec 15)

Postby winston » Thu Nov 05, 2015 6:34 pm

Union Gaming: Macau’s Mass Gaming Is Better Than Reported By Shuli Ren

Detailed October gaming revenue data from Macau disappointed investors.

In October, gross gaming revenue fell 28.4% from a year, in line with street estimates of 28%.

Mass gaming revenue fell 21% from a year ago, the narrowest decline in nine months, but was chilling regardless.

Overnight, Melco Crown (MPEL), which recently opened new casino Studio City that caters to the mass market only, fell 3.1%. Las Vegas Sands (LVS), whose Sands China (1928.Hong Kong)’s core strength is in mass gaming, dropped 2.4%.

By comparison, MGM Resorts (MGM), which owns MGM China (2282.Hong Kong), fell 0.5% and Wynn Resorts (WYNN), which owns Wynn Macau (1128.Hong Kong), was down 1.9%.

Macau’s mass market may be actually better than it looks, according to Macau gaming specialist Union Gaming analyst Christopher Jones. This is because during the Gold Week holiday (October 1-7), casinos reallocated some of their gaming tables from mass to VIP to cater to the VIP visitor flow.

“After adjusting for table classifications the decline was likely in the mid-teens range or better,” said Jones.

Source: Barron's Asia
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Re: Macau 03 (Oct 14 - Dec 15)

Postby winston » Fri Nov 06, 2015 11:43 am

<Research Report>Citi Expects Macau Nov Gaming Revenue to Drop 24% YoY

Citigroup, in its report, stated that Macau's gaming revenue in October declined 28% yearly to MOP20.01 billion, in line with the broker's expectation.

The broker estimated that the daily average gaming revenue in the last six days in October was approximately MOP601 million, 3% higher than that of MOP585 million in the previous week.

The broker expected that Macau's gaming revenue in November will be MOP18.5 billion, down 24% yearly.

In terms of market share split for Mass GGR in October:-
SANDS CHINA LTD (01928.HK) ranked first (28.5%), followed by
GALAXY ENT (00027.HK) (23.1%),
SJM HOLDINGS (00880.HK) (21.8%),
MPEL (13.4%),
MGM CHINA (02282.HK) (7.4%) and
WYNN MACAU (01128.HK) (5.8%).

In terms of VIP rollings market share split in October:-
GALAXY ENT ranked the top (28.8%), followed by
SJM HOLDINGS (25.1%),
SANDS CHINA LTD (13.1%),
MPEL (12.4%),
WYNN MACAU (11.4%) and
MGM CHINA (9.2%).

Source: AAStocks Financial News
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Re: Macau 03 (Oct 14 - Dec 15)

Postby behappyalways » Sat Nov 07, 2015 1:09 pm

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http://hk.apple.nextmedia.com/nextmag/a ... 1445913665
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Re: Macau 03 (Oct 14 - Dec 15)

Postby behappyalways » Wed Nov 18, 2015 9:47 am

Macau Sees Casino Revenue Slumping More Next Year
http://www.bloomberg.com/news/articles/ ... hina-slows
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Re: Macau 03 (Oct 14 - Dec 15)

Postby winston » Thu Nov 19, 2015 6:04 am

Macau slump to go on: CE

Macau's Chief Executive Fernando Chui Sai-on forecasts casino revenue to come in at 200 billion patacas (HK$194 billion) next year, the lowest since 2010 and a further decline from what analysts estimate for the whole of 2015. Casino shares fell.

"We try to be conservative and maintain stability," Chui said on Tuesday, after announcing his policy proposals to Macau's legislators for next year.

Chui urged casino operators to continue balancing their gambling and non-gaming offerings, even as they build new attractions to draw more tourists.

Galaxy Entertainment (0027) led declines among Macau picks, falling 4.6 percent to HK$23.75.

"We will try our best to develop the economy," Chui said, adding Macau has a surplus of 30 billion patacas. Chui's forecast is a conservative expectation given current levels, said Tim Craighead, a gaming analyst with Bloomberg Intelligence.

"We expect the mass-market to stabilize and recover, and we believe the VIP business has structural challenges that aren't going away any time soon."

Source: BLOOMBERG
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Re: Macau 03 (Oct 14 - Dec 15)

Postby winston » Mon Nov 23, 2015 1:39 pm

<Research Report>Deutsche's Valuation Estimates for Macau Gaming Stocks

Deutsche Bank, in its latest research report, lists the valuation expectation for Macau gaming stocks:

Stock / 2016E EV/EBITDA (x)

GALAXY ENT (00027.HK) / 11.4
Melco Crown (MPEL) / 9.6
MGM CHINA (02282.HK) / 17.9
SANDS CHINA LTD (01928.HK) / 17.8
SJM HOLDINGS (00880.HK) / 10.5
WYNN MACAU (01128.HK) / 14.1

Source: AAStocks Financial News
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Re: Macau 03 (Oct 14 - Dec 15)

Postby winston » Mon Nov 23, 2015 2:29 pm

Visitor Arrivals to Macau in Oct Down 0.6% YoY

Information from the Statistics and Census Service (DSEC) indicated that the visitor arrivals to Macau totalled 2.6371 million in October, slightly down 0.6% yearly but up 9.2% monthly.

Same-day visitors declined 3.8% yearly to 1.4143 million while overnight visitors rose 3.3% to 1.2227 million.

The average length of stay of visitors increased 0.1 day year-on-year to 1.1 days.

Visitor arrivals from China slid 0.4% yearly to 1.8172 million, with those travelling under the Individual Visit Scheme dropping slightly by 0.8% to 0.7917 million.

Source: AAStocks Financial News
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Re: Macau 03 (Oct 14 - Dec 15)

Postby winston » Mon Nov 23, 2015 3:36 pm

Macau Accepts Alibaba’s Alipay: So What?

By Shuli Ren


Alipay facilitates only smaller transactions. For instance, Alipay Express can approve up to only 5,000 yuan ($806) per transation and a total of 50,000 yuan per month.


Source: Barron's Asia

http://blogs.barrons.com/asiastocks/201 ... y-so-what/
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Re: Macau 03 (Oct 14 - Dec 15)

Postby winston » Tue Nov 24, 2015 9:09 pm

Nomura's Ratings & TPs for Macau Gaming Stocks (Table)

Stock/ Investment Rating/ Target Price (HK$)
SANDS CHINA LTD (01928.HK) +0.150 (+0.571%) Short selling $82.37M; Ratio 26.345% / Buy/ 34.2
SJM HOLDINGS (00880.HK) -0.090 (-1.498%) Short selling $11.67M; Ratio 23.326% / Neutral/ 7.6
MGM CHINA (02282.HK) -0.220 (-2.103%) Short selling $17.54M; Ratio 27.729% / Neutral/ 12.7
GALAXY ENT (00027.HK) +0.350 (+1.515%) Short selling $81.88M; Ratio 27.791% / Neutral/ 28.6
WYNN MACAU (01128.HK) -0.130 (-1.290%) Short selling $72.08M; Ratio 37.307% / Neutral/ 11.1

Source: AAStocks Financial News
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