Nomura has estimated the local gaming industry’s gross gaming revenue (GGR) per day through the first ten days of the month was roughly MOP750 million, down 12% against last month’s average (MOP853M/day), which seasonally benefited from the October Golden week holiday (1-7 October). By segment, the research house estimated that average daily mass revenues were 11-13% higher, VIP hold percentage was 2.9% (in line with the “normalized” hold range of 2.7-3.0%), and VIP volumes are tracking 30-32% lower as against the same period last year. Assuming November GGR declines sequentially (month-on-month) in line with its trailing seven-year median of a reduction of 13-15% against October, Nomura estimated GGR for the month should settle around MOP22.5-23 billion. The midpoint of the estimated range implies a 9% decline in November, “or 580 basis points of sequential deceleration, given a tough one-year growth comparison,” the analysts say.
MGM seeks investors for MGM Grand, Mandalay Bay venture
MGM Resorts International and MGM Growth Properties LLC are seeking an investor for a joint venture that would own at least two prominent Las Vegas properties, according to people with knowledge of the matter. The duo have solicited interest in the MGM Grand Hotel & Casino and the Mandalay Bay Resort & Casino from investors that have historically bet on gaming properties, said the people, who requested anonymity because the talks are private. A representative for MGM Resorts declined to comment and representatives for MGM Growth Properties didn’t immediately respond to requests for comment. MGM Resorts created the real estate investment trust, MGM Growth in 2016 and sold a minority interest to the public. The REIT owns most of MGM Resorts’ casinos and leases them back to the company to operate.
PJ issues alert over alleged banking scam
The Judiciary Police (PJ) has issued a warning notice calling on residents to be alert to fake mobile phone text messages. The PJ released a statement yesterday saying that it has recently received reports from the public about messages allegedly sent by banks. The content of the messages claims that a person can earn a 0.5% per month interest and a credit card limit of up to 398,000 yuan. Some members of the public checked with the bank, only to find out that the bank had not sent the text messages. The PJ said that the bureau has contacted the relevant banks, whereupon it was informed that there is no such offer.
Teenagers detained while selling drugs in Macau
The Judiciary Police (PJ) has detained another two Hong Kong teenagers who were selling drugs in Macau. Yesterday, the PJ reported that the bureau detained one teenage boy and one teenage girl from Hong Kong who were selling drugs in Macau. The two are a couple. According to the PJ, both were hired by a drug trafficking group through a mobile phone app. The two Hong Kong residents were detained outside a local hotel. In their possession, the police found a total of 24.5 grams of cocaine, more than 20,000 Hong Kong dollars in cash, which they suspect to be profits from the sale of drugs, and tools for dividing the drugs. All items were seized by the police. The two admitted having been paid HKD3,000 a day to sell drugs in Macau. They sold drugs on 20 occasions, mainly to people in night clubs. The couple also tested positive for drugs.
Macau’s cultural industry gradually taking shape, says Tam
Secretary for Social Affairs and Culture, Alexis Tam has said that Macau’s cultural industry is gradually taking shape. During the second plenary meeting of the city’s cultural industry committee, which took place earlier this week, Tam added that Macau’s cultural and creative brand has gradually been established and is spreading to markets at home and abroad. Tam, whom Macau society suspects will not feature in the next government, said that in the future, the government will increase its efforts to assist cultural industries in promoting their products into foreign markets, creating a docking platform and expanding the scale of the cultural industry in Macau, as well as taking measures to promote the city’s diversified economy.