Tag Archives: Golden Week

Macau revenues don’t match visitor growth

As 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.

Citing “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.

However, 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.

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GBA Briefs: 09/10/2019

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 SCMP and FT.