Annual growth slows in Macau
The broker has reduced its forecast of annual growth in revenue this month to between 14 per cent and 17 per cent from 18 per cent.
Wells Fargo analyst Cameron McKnight now forecasts annual growth in revenue this month at 12 per cent and 15 per cent, having previously forecast growth of between 13 per cent and 18 per cent.
Early March may be especially strong because of the pent-up VIP gaming from the Chinese New Year, according to Sterne Agee analyst David Bain: We believe early March results saw some continued VIP follow-through (pent-up demand) post Chinese NY, according to checks. Many VIPs head to the Island after the holiday subsides. In addition, the first 9 days of the month encompassed nearly two full weekends. Bain maintains his 16% 2014 growth forecast.
Macau stocks have declined in March, despite an all-time monthly GGR record in February and a strong GGR start in March. China’s macroeconomic slowdown is of course to blame, but perhaps the markets are also worried China may start to crack down on Macau as a channel of capital flight.
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