• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Monday 12 May 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
No Result
View All Result

Macau’s July GGR estimates conservative on China crypto crackdown concerns

Ben Blaschke by Ben Blaschke
Tue 2 Jul 2024 at 05:47
Macau GGR down 62% year-on-year to MOP$2.48 billion in June
43
SHARES
1.1k
VIEWS
Print Friendly, PDF & Email

A recently announced crackdown by mainland authorities on money exchange gangs in Macau, and specifically the use of cryptocurrencies for money transfer, is likely having some impact on money flow and visitation into Macau, according to Seaport Research Partners.

Seaport analyst Vitaly Umansky said in a Monday note following publication of Macau’s June GGR (gross gaming revenue) results that Macau is likely to feel some near-term headwinds as a result of the crackdown, albeit softening over time.

These headwinds, Umansky hinted, may have already been felt in June given that GGR of MOP$17.7 billion (US$2.20 billion) was below consensus.

“Macau has experienced a rise of criminal activity related to illegal money exchange over the past year,” the analyst wrote, adding that the problem “has been raised to a national level in conjunction with China authorities looking at continued use of crypto currency to move money out of China (not necessarily tied to Macau).

“We believe this crackdown round is having some negative impact on money flows into Macau and certain individuals have postponed their visits to Macau.

“The activity will likely continue to be somewhat of a headwind to GGR over the next month or two. However, we expect the crackdown to soften and liquidity in Macau to be not significantly impacted in the medium term.”

Despite concerns, Umansky said the summer outlook remains “reasonably solid” going forward, with gaming revenues expected to rise steadily from late July. GGR for July is also seen growing by 9% month-on-month to MOP$19.2 billion (US$2.39 billion).

“July is typically a solid month with base mass visitors increasing later in the month and more so in August,” said Umansky.

“With the softness in base mass, the continuation of the Euro Cup and the crackdown on money movement activity, we are more conservative on July than normal. Any major weather events in the region could have a negative impact on revenue and visitation during the summer months.

“[However] any pick up in visitation would help drive base mass GGR above our estimates. The recent crackdowns in Macau and China on money changers/money movement may have some near-term negative headwind on GGR, but we do not expect this action to be a longer-term issue.”

China’s public security authorities stated in early June that they had launched a special deployment to crack down on crimes committed by Macau-based “Money Exchange Gang Members”, with the deployment to include greater cooperation with the Macau Police.

RelatedPosts

Philippines casino GGR up 630% quarter-on-quarter in 3Q20

PAGCOR: Manila’s Entertainment City casinos suffered combined 5.7% GGR decline in FY24

Tue 8 Apr 2025 at 13:55
NagaWorld

GGR at Cambodia’s NagaWorld up 17.7% to US$171 million in 1Q25

Tue 8 Apr 2025 at 06:29
Melco prices US$750 million Senior Notes offering

Melco locking in approval to fully complete US$500 million share repurchase program

Tue 8 Apr 2025 at 06:13
Macau GGR hits new post-pandemic high of MOP$20.8 billion in October

Macquarie: Arrest of Macau casino hosts could impact Macau mass and premium mass markets in coming months

Tue 8 Apr 2025 at 06:12
Load More
Tags: Chinacrackdowncryptocurrencygross gaming revenueMacaumoney exchangeSeaport Research PartnersVitaly Umansky
Share17Share3
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – The real reason Philippines casino revenues are down

Editorial – The real reason Philippines casino revenues are down

by Ben Blaschke
Sun 30 Mar 2025 at 23:04

After enjoying a post-COVID surge in gaming revenues at its licensed casinos, the Philippines has hit a rocky patch. In...

Inside Thai IRs

Inside Thai IRs

by Andrew W Scott and Ben Blaschke
Sun 30 Mar 2025 at 22:59

No time to read this whole article? Here are the bullet points! With passage of Thailand’s Entertainment Complex Bill through...

Resorts World Las Vegas – Lighting up the north

Resorts World Las Vegas – Lighting up the north

by Andrew W Scott and Ben Blaschke
Sun 30 Mar 2025 at 22:52

Inside Asian Gaming recently visited Genting’s American icon Resorts World Las Vegas to take a closer look at a property...

A baccarat perspective

A baccarat perspective

by Ryan Hong-Wai Ho
Sun 30 Mar 2025 at 22:37

In the first of a two-part series, Ryan Ho explores how gaming innovations and market changes have shaped the prominence...

Evolution Asia
Aristocrat
GLI
Mindslot
Solaire
Hann
Tecnet
Nustar
Jumbo

Related Posts

Bally’s Chairman Soo Kim talks after deal sealed to acquire Australia’s Star Entertainment

Bally’s Chairman Soo Kim talks after deal sealed to acquire Australia’s Star Entertainment

by Newsdesk
Wed 9 Apr 2025 at 06:16

Star Entertainment Group confirmed Monday it had entered into a binding term sheet with US casino operator Bally’s Corp to take control of the company as part of a US$300 million (US$180 million) deal. The term sheet, comprising a multi-tranche...

China-owned contractor of Chow Tai Fook’s Baha Mar ordered to pay US$1.6 billion to original owner for “many acts of fraud”

New York appellate court dismisses China Construction America’s appeal in US$1.6 billion Baha Mar fraud case

by Ben Blaschke
Wed 9 Apr 2025 at 05:59

A New York court has dismissed an appeal by China Construction America, Inc (CCA) against a Supreme Court ruling in October requiring it to pay US$1.6 billion to the original owner of Bahamas casino resort Baha Mar for committing “many acts...

Trade union warns massively increased casino pokies tax in NSW will cost jobs

Pub baron Bruce Mathieson agrees additional AU$100 million Star investment, reduces Bally’s contribution to AU$200 million

by Ben Blaschke
Wed 9 Apr 2025 at 05:40

Star Entertainment Group’s largest individual shareholder Investment Holdings Pty Ltd has entered into a binding term sheet with US casino operator Bally’s Corp that will see it subscribe for AU$100 million (US$60 million) in convertible bonds, reducing in the process...

RWLV names former MGM executive Greg Shulman as EVP of International Marketing

RWLV names former MGM executive Greg Shulman as EVP of International Marketing

by Newsdesk
Wed 9 Apr 2025 at 05:35

Genting Group’s US flagship Resorts World Las Vegas (RWLV) has announced the appointment of casino industry veteran Greg Shulman as Executive Vice President of International Marketing. Continuing the property’s recent management overhaul, RWLV said Shulman will lead its international casino...



IAG

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE

No Result
View All Result
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • English