Galaxy Entertainment leads the Sept Market in Macau

Galaxy Entertainment has captured almost 23 per cent of gross gambling revenue (GGR) in September in Macau buoyed by the growing VIP business to lead the major gaming houses.
The casino operator at 22.9 per cent leapt ahead of Sands China at 21.8 per cent and casinos run by SJM Holdings at 20.9 per cent.
Business analysts say they are confident Galaxy Entertainment will retain its top position in terms of market share but will come under pressure once the VIP segment starts to recover.
Galaxy Entertainment was able to boost its revenue position after being the first operator to open its new casino in Cotai, a move which it will benefit from until early 2015.
The gains by Galaxy Entertainment come against a backdrop of a 12 per cent decline in Macau's casino revenue in September to US$3.2 billion - the fourth consecutive month of declines.
The Macau casino market has been affected by a cut in the maximum number of days Chinese passport holders with transit visas are able to stay in the city to five from seven days.
There has also been a crackdown by authorities on the use of UnionPay debit cards to transfer money from China.
Analysts also concede the political protests in Hong Kong will place additional pressure on VIP visitations and expect Macau's growth will remain weak in the coming months. Gaming analysts at Hedgeye think another downturn in gambling revenue in Macau is likely and a reset on earnings expectations from Wall Street is needed. They note downside potential on Las Vegas Sands and Melco Crown.