Macau fears overblown?, page-49

Latest news shows situation at Macau has 'stabilised'. Could be start of a long term improvement?

From today's Oz:
'James Packer might be about to get some financial relief at his Macau investment, with the revenue slump from the region stabilising.

The latest data from Macau’s Gaming Inspection and Coordination Bureau showed that in February gross gaming revenue fell 0.1 per cent to 19.5 billion patacas ($US2.4bn), which was a smaller fall than analysts had forecast.
An increase in tourist numbers over the Lunar New Year holiday — peak season for the city — helped stem the series of revenue falls, which have been recorded for the past 20 months. The Asian gaming hub had reported a 21.4 per cent decline in January.
Mr Packer’s Macau interest, Melco Crown Entertainment, has had to refocus its attention to the mass market as its VIP business declined on the back of China’s crackdown on corruption.
The Australian billionaire’s Crown Resorts, which has a 34 per cent stake in Melco Crown, had its profit trimmed by the downturn in Macau when it reported its half-year results last week.
Crown chief Rowan Craigie said after the results that it had been well documented that VIP gaming in Macau had fallen away “quite dramatically”.
“Crown and Melco Crown remain upbeat about the medium to long-term prospects in China and a Macau market that is focused on the Chinese middle class,” he said.
“China remains a good medium to long-term fit but in the short term there are headwinds. I don’t think many people are forecasting a return to VIP levels previously seen.”
Crown Resorts received a $120m dividend payment from its Macau investment.'

http://www.theaustralian.com.au/bus...s/news-story/47aa059b8c94e8bcdc7597372634c780