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Chinese stock market decline seen impacting Macau VIP revenue

  • Deutsche Bank warns the correlation between the stock market in China and VIP gambling revenue in Macau is as high as 70%.
  • "While we think the liquidity squeeze in the junket system is still small at this stage, we think the negative wealth effect will dampen VIP and premium mass demand for longer," reads a note from analyst Karen Tang.
  • Tang thinks the mini-rally in the Macau sector off of news of relaxed visa restrictions may be unjustified.
  • Many forecasts called for a recovery in Macau gaming revenue in the second half before the Chinese stock market turmoil began.
  • Macau casino stocks: Wynn Macau (OTCPK:WYNMF, OTCPK:WYNMY), Sands China (OTCPK:SCHYY, OTCPK:SCHYF), MGM China (OTCPK:MCHVF, OTCPK:MCHVY), Galaxy Entertainment (OTCPK:GXYEF), SJM Holdings (OTCPK:SJMHF, OTCPK:SJMHY).

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