Macau Sept. GGR drops 11.7 percent

Macau's gross gambling revenue slid by 11.7 percent to 25.6 billion patacas (US$3.2 billion) in the largest fall since June 2009 amid continued weakness in the VIP segment, marking the fourth straight monthly decline.
The result was in line with Macau Economy and Finance Secretary Francis Tam's comments on Sept. 30 that revenue would be down 12-13 percent year-on-year, yet slightly better than market expectations of a 13-14 percent drop. UBS analysts say revenue in the VIP segment was likely to have dropped in the "mid-to-high" 20 percent range.
"With a tougher base, we expect October revenues to drop in the 13-19 percent range year-on-year," it said.
Despite the decline, casino stocks listed in Hong Kong rebounded. On the Hong Kong Stock Exchange casino operators all marked gains, with Wynn Macau Ltd climbing 4.8 percent, SJM Holdings Ltd up 5.5 percent and Melco Crown Entertainment Ltd gaining 3.6 percent.