Upgrading 2017 Macau Gaming Revenue Growth to 6%; Policy Risks Prevent Robust Recovery
We have revised our near-term Macau gross gaming revenue growth forecast, based on our industry checks that point to improvement in both VIP and mass play. We forecast total GGR to grow 6% in 2017 (versus 3% previously), and we still expect high-single-digit average annual growth in 2018 through 2020 (4% in 2018, 11% in 2019, and 8% in 2020) as key infrastructure that improves capacity in Macau comes on line, followed by mid-single-digit growth in 2021-25 (no change). To account for the time val...SJM Holdings is an investment holding company based in Hong Kong. Co. is the holding company of Sociedade de Jogos de Macau and is engaged in the development and operation of casinos and related facilities in Macau Special Administrative Region, the People's Republic of China. Co.'s casinos are located in prime locations on the Macau Peninsula and Taipa Island. Gaming operations are comprised of VIP table gaming, Mass Market table gaming and slot machines. Co. is organized in two segments: Gaming Operations (operation of casinos and related facilities); and Hotel and Catering operations (hotel, catering and related services).
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