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RTNominal down8.420 -0.070 (-0.824%)
Research Report

06/10/2020 17:14

{I-bank focus}Credit Suisse cautious on Macau gaming sector

[ET Net News Agency, 6 October 2020] Credit Suisse said Mainland visitations to Macau
dropped 86% for the first four days of the October golden week holiday despite IVS
(individual visit scheme) visas being reopened for the whole country since 23 September.
On the ground, the research house noticed that visitors outside of Guangdong have also
arrived in Macau. Overall, Credit Suisse estimated GGR (gross gaming revenue) would drop
by 80%.
It estimated that VIP GGR could decline 90%, driven by weak volume and luck. The junket
system and player sentiments have been dragged by the crackdowns on shadow banking and ban
on gambling activities.
As for Mass, GGR could decline 75%, slightly stronger than visitation due to mix (more
players versus group tour) and pent-up demand. Per player spend has come down
significantly on concerns about regulatory monitoring on their transactions offshore.
The premium mass hosts indicated that the players also have difficulty in obtaining
additional buy-in amid tight capital flow. They expect the tail end demand to be weak.
Credit Suisse reiterated its cautious sector view on the Macau gaming industry. If GGR
fails to see meaningful recovery into late October/November (1-2 months after all visas
opened), the research house sees near term-risk of earnings and share price downgrades.

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