we reported yesterday, Macau had a great Golden Week, with 13% more visitors
coming in than last year. However, revenues at the casinos, which are still
heavily weighted toward VIPs, were down, according to analysts quoted by GGRAsia.
“channel checks” – a widely adopted euphemism for unofficial data culled from
unnamed sources – these analysts speculated that gross gaming revenues for the
week were down as much as 12% YoY.
there was a bright spot, these analysts reckon: the weighting toward low-margin
VIP play is being reduced, as mass-market revenues grew strongly, by between 8%
and 10%. In other words, more headcounts means more gamblers who don’t have the
clout (or the sense) to ask for rebates and commissions, thereby ensuring the
casinos healthier margins.
Golden Week woes: Hong Kong lost HK$2.8bn
over the recent National Day holiday period, according to according to local analysts and business
leaders quoted by SCMP. Read more.
Senseless: Hong Kong-based AI unicorn Sensetime
is in danger of losing a precious relationship with MIT, the world’s premier
tech university, due to its landing on the US Entity List, SCMP reports. Read more.
Megvii may lose Goldmans: Another AI unicorn
that had been hoping to list in Hong Kong, Megvii, might lose its sponsor, Goldman
Sachs, for the same reason, Caixin reports. Read more.
Contrasting Views: Washington-based
academics like David Meyer think Hong Kong is irreplaceable as a financial
center and that Beijing backs it to the hilt. Jamil Anderlini of the FT, on the
other hand, believes “Beijing will have its revenge on Hong Kong”. Read them on