According to Union Gaming
No signs of VIP slowdown in Macau
2011-08-26
Reading time 35 seg
(Macau).- Union Gaming Research Macau opposes the idea of a possible near-term VIP slowdown in Macau’s casinos driven by a speculated cooling demand for luxury goods in the mainland. It notes that retail sales of gold and jewellery in the mainland increased 45 % in July 2011, to us$ 7.2 billion, or roughly inline with the year-to-date average of 49 %.
It also notes that China UnionPay’s Bankcard Consumer Confidence Index “has shown no deterioration over the past few months and is higher than the levels seen late 2010/early 2011.”
Finally, Union Gaming also stresses that Hong Kong retail sales levels remain strong, having grown in a range of 26 % to 28 % all year (except for February) versus an average of 19 % in 2010.
Last week, Deutsche Bank issued an investors note expressing concern about weakening demand from wealthy Chinese consumers and its potential impact on Macau casinos.
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