YoY declines are also expected to persist.
December gross gaming revenues (“GGR”) in Macau were at MOP 23.282 bn (HK$22.604 bn), down 30.4% y/y, based on data from the Macau Gaming Inspection and Coordination Bureau.
According to a reserach note from Barclays, this is similar to its estimate based on the 1-28 December daily revenue run rate.
The 2014 full year GGR was at MOP 351.5 bn (HK$341.2 bn), down 2.6% y/y. Barclays also noted that it expects GGR y/y declines to persist through 1H15 until resumption to positive growth in 2H15.
Here's more from Barclays:
Macau chief executive Fernando Chui earlier said he would conduct a review of the gaming sector in Spring 2015 and there was also news that Secretary for Social Affairs and Culture Alexis Tam said Macau could announce in March further changes to the smoking ban.
We believe we might only get more clarity around regulations such as the smoking ban and table allocations (and any potential downside risks to 2015 gaming revenue growth) later.
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