Macau VIP revenue grew 25% in March: Wells Fargo

2013-4-9

From：Macau Business

Macau’s VIP casino gross gaming revenue grew by 24.9 percent year-on-year in March, to HK$21.2 billion (US$2.7 billion), according to a research note issued yesterday by Wells Fargo Securities.

Analysts led by Cameron McKnight wrote that March VIP year-on-year comparisons were positively affected by an estimated market hold rate of 3.11 percent, versus 2.79 percent in March 2012.

This was the first month in 2013 in which VIP casino gross gaming revenue grew at a double-digit rate.

Mass table revenue also remained strong in March, at 30.0 percent year-on-year growth, according to Wells Fargo.

In March, Macau casino gross gaming revenue increased 25.4 percent year-on-year, to MOP31.3 billion (US$3.9 billion), a new monthly high.

“While Macau gaming stocks have recently underperformed the market based on Avian influenza concerns, we would be buyers based on improving fundamentals,” the Wells Fargo analysts wrote.

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