Macau is back on analysts’ flavour of the month menu with growth forecasts hitting the heading heights of 20 percent+ once again. The enclave’s Business Daily periodical quotes Kenneth Find from J.P Morgan as stating that revenue for June will climb 20 percent to MOP25 billion. Cameron McKnight, analyst at Wells Fargo, confirmed the optimism by predicting a rate of 19 percent growth in June was thanks to the market’s performance in the first 17 days of the sixth month of the year. Lastly Jon Oh, of CLSA Asia-Pacific Markets, expects June to “rebound to the mid- to high-teens”. Eagle-eyed readers will notice the figure is in fact lower than the MOP26.5 billion figure posted last month but historically June is a slower month to May and the huge increase will bolster confidence in the market.
Sticking with the words of the analysts, Melco Crown Entertainment is reportedly ready to resume constructing their Studio City Macau resort. Bloomberg quotes Sterne Agee & Leach Equity Research as stating the building work will get back underway in 45 days and the company’s American depository receipts jumped 2.8 percent to $12.23 – the highest price since May 28.
This year’s Global Gaming Expo (G2E Asia) saw attendance numbers grow 8 percent with over 6,100 gaming industry personnel attending the three-day conference. Reed Exhibitions and the American Gaming Association released the figures yesterday and added that attendees from 67 different countries came to the expo.
2G mobile services will be available until the end of the year after the government pushed back the phase-out date. July 9 was the original date for it to be phased out and this has now been changed to December 31 after the government received “numerous complaints” from residents unhappy at having to upgrade to newer 3G-capable handsets. The delay gives operators and residents longer to come to terms with the plans.