Macau Gambling Revenue Up 39% To $2.65 Billion In September 2011

Macau’s Gaming Inspection Bureau released the Chinese enclave’s gambling figures for September showing a 39% increase in revenue to 21.24 billion patacas ($2.65bn) from a year earlier.
On the downside, September’s gaming revenue was 14.2% lower than last month’s figures, with typhoon Nesat, which struck on September 29th, succeeding in cutting off gamblers access to the enclave of Macau.
The effect of the typhon was dramatic enough for J.P. Morgan to speculate that year-over-year revenue growth would be revised down from its current range of 40% to 45%, to 38.8%.
During the month of September, Hong Kong gaming stocks also took a battering and fell by a huge 14%.
A major factors which negatively affected the share prices of Macau’s casinos is the concern by investors that the attempts of the Chinese government to cool its economic growth will affect gambling in Macau. This, too, seems to have impacted the  organisers of gambling concessions and junkets who now seem to be more averse to extending the same degree of credit to their high roller clientele, who account for around 70% of Macau’s gaming revenues.
For instance, Korean junket operator, Grand Korea Leisure announced recently that it was to stop giving credit to Chinese gamblers, and as Credit Suisse analyst Gabriel Chan comments:
“The market is pricing in the ‘what if’ at the moment, and it appears the market is pricing in something very nasty.”
Nonetheless, overall Macau’s revenue figures are seen as solid and healthy  with up to 45% growth forecast for next month, aided by the upcoming Golden Week holiday and five weekends throughout the month of October.
As analysts at CLSA Asia-Pacific Markets Aaron Fischer and Huei Suen Ng, explain:
“The industry dynamics remain attractive with limited threat from gaming in other Chinese locations; only six operators and only three percent to five percent expansion in supply over the long run.”

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