Inside Asian Gaming

IAG OCT 2022年10月 亞博匯 104 10 YEARS AGO dynamics of mainland China. These included a slackening in global demand for exports, falling residential real estate prices, the domino effect of the real estate slump on asset prices as a whole, and the fact that VIP, being almost entirely credit play, is especially sensitive to this kind of volatility. “With a global economic recession and leadership changes in China, VIPs are cutting back,” said Union Gaming equities analyst Grant Govertsen. “This means that junket operations have less working capital on their hands and so they would be less able to extend credit to the gamblers. The velocity of money in Macau will slow down further and affect casino revenue.” Junket operators also told IAG at the time that challenges facing a number of Macau’s smaller junkets were contributing to the slowdown. As we now know, mass market gaming looms as more important than ever for Macau given China’s recent crackdown on cross-border gambling and the collapse of the junket industry following the demise of Suncity Group and Tak Chun. Time will tell what the market looks like in another 10 years. 出口需求放緩、住宅地產價格下跌、房地產暴 跌對整體資產價格所產生的多米諾骨牌效應， 以及此類波動對於幾乎完全依賴信貸的貴賓博 彩行業的影響。 「隨著全球經濟衰退和中國領導層換屆， 貴賓賭客的人數正在減少。」Union Gaming股 票分析師 Grant Govertsen當時道。 「這意味著博彩中介公司手中的營運資金 會減少，因而他們向玩家提供借貸的能力也會下 降。澳門的資金流通速度將進一步放緩，從而影 響賭場收入。」 有博彩中介人營運商當時告知《亞博匯》 ，澳門一些規模較小的博彩中介人所面臨的挑 戰是博彩業放緩的原因之一。 而現在，一如我們所知，由於中國這兩年 打擊跨境賭博力度頗大，還有在太陽城集團及 德晉集團倒下之後博彩中介行業的全面潰崩， 中場博彩對於澳門的重要性比以往任何時候都 更加高。無疑只有時間才會告訴我們，未來十 年的市場又會是怎樣的一個光景。