Gaming Revenue Returned to Growth in September and August; More Optimism in the Junket VIP Business
The 7.4% year-over-year gross gaming revenue increase in September is stronger than consensus estimates. The improvement is driven by a low base for VIP revenue (Dore theft incident in September 2015) and three new casinos stimulating demand. The increase appears to be broad-based across the VIP and mass segments, based on our conversations with industry participants. Without an official breakdown between VIP and mass revenue, we estimate that both mass and VIP revenue increased by at least mid-...Sands China and its subsidiaries are principally engaged in the operation of casino games of chance or games of other forms, the development and operation of integrated resorts which contain not only gaming areas but also meeting space, convention and exhibition halls, retail and dining areas and entertainment venues and other ancillary services including ferry operations and other related operations in the Macao Special Administrative Region of the People's Republic of China.
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