Thursday, September 4, 2014

Meanwhile in Macau

The ABS today released overseas arrivals and departures for July which includes quite reasonable graphs, tables, and commentary. There is also commentary at Conus: Departures nudging 9 million in past 12 months.

Chinese inbound tourism growth continues to be a dominant theme. However recent trends from Macau are interesting from the perspective of the Aquis proposal. The Macau gaming authority publishes quite good statistics and the latest numbers produced the third consecutive month of negative YoY gaming revenue growth with August down 6.1% on the previous year.

 

Macau casino stocks, including Crown, have subsequently taken quite a hit this week: Macau August Casino Revenue, Stocks Take Another Tumble. The equity market in casino stocks will likely be a factor for Aquis.

The weakness has mostly been attributed to the ongoing corruption crackdown in China and a shakeout in their property market. The critical VIP sector is anecdotally reported to have been hardest hit but will have to wait for the quarterly numbers from Macau on that.

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