Macau not target of China policies, but recovery timing unclear

  China has no intention of killing the goose that lays the golden egg and the fallout from its anti-corruption campaign, which has sent GGR down for the past 11 months, is collateral damage rather than a deliberate attempt to harm business in Macau, analysts say. This was the overall message from panelists at the G2E Asia show held in the gambling hub this week. However, most also agree that in the short term they see no immediate prospect for a rebound despite the imminent opening of new properties. Gross gambling revenue was down 38.8 percent in April, with most analysts scrambling to revise down their forecasts for 2015 on an almost monthly basis. Fitch Ratings was the latest to wave its red pen, cutting its estimates for this year to a drop of 29 percent from 22 percent previously following a recent visit by analysts. CLSA predicts a drop of 32 percent...

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