he firm expects the mass market to expand by an average of 31.4 percent annually between 2011-2014 with VIP building at an average 10.8 percent. The report also says that investor concerns about a deceleration in the growth not only of Macau VIP gaming revenue but also in visitor numbers from mainland China, are overplayed.
In addition, Kenneth Fong of J.P. Morgan said in another note to investors reviewing Macau’s third quarter earnings, that the revenue growth deceleration should have bottomed. After recording single-digit growth rates for two months in a row, Macau’s gross gaming revenue returned to double-digit expansion in September.
Macau casinos took in us$ 3 billion in September, up by 12.3 percent over the same period last year. The results were below the forecasts from U.S.-based brokerage firm Sterne Agee (14-percent year-on-year growth) and Royal Bank of Canada (16 percent).