First quarter mass-market gross gaming revenue in Macau fell by 27 per cent year-on-year to approximately MOP27.11bn (US$3.4bn) from MOP37.14bn in the year-prior period.
A number of investment analysts warned, however, that the first quarter 2015 year-on-year numbers were not a strictly apples with apples comparison. That is because of statistical distortions caused by some Macau casino operators reclassifying tables from premium mass to VIP in order to avoid a smoking ban imposed across all mass-market floors in Macau casinos in October.
It had already been announced on April 1 by the local regulator - the Gaming Inspection and Coordination Bureau - that accumulated GGR for the first three months of 2015 stood 36.6 per cent lower than in the same period in 2014, at approximately MOP64.78bn. But the split between VIP and mass play is only released every quarter, typically several weeks after the end of the reporting quarter.
Investment analysts watch closely the year-on-year performance of the different segments because many have expected the mass segment to be less affected by mainland China’s corruption crackdown than the VIP segment. Poor performance in the mass might be a sign of continued weak fundamentals, a number of analysts argue.
