Union Gaming ‘cautiously optimistic’

Macau’s gaming stocks rallied over the weekend, led by the recently published figures showing that visitor arrivals in Macau grew by 4.7 percent year-on-year for the period February 8 – 10. In Barron’s Asia, Union Gaming analyst Christopher Jones wrote, “On the [Macau] Peninsula, we are hearing that mass, premium mass and VIP are all trending at least in line with management’s plan, with larger crowds and minimum bets than in recent months.” “Over on Cotai, we heard roughly the same thing from management who were generally pleased,” Jones continued.  “Overall, it seems that things are moving in the right direction and we remain cautiously optimistic for a strong CNY [Chinese New Year period].” However, Wells Fargo & Co. said, citing industry people, that many Chinese middle-class families that visited Macau during the CNY were more inclined to enjoy non-gaming amenities and less to gamble. “Mass tables remained quiet and casino revenues probably fell,” according to Wells Fargo.