Inside Asian Gaming

IAG NOV 2022年11月 亞博匯 146 10 YEARS AGO earnings, and now it’s easier to predict them getting much bigger.” In what also appears to have been a largely accurate glimpse into the future, IAG also prophesied at the time that Macau was evolving, gradually, from a VIP-focused market to one based on mass gaming. The 12 months to that point, we wrote, had seen mass gaming revenue growing at a rate of around 30% while VIP growth had slowed from 24% in 1Q12 to 7% in Q2 and just 1% in Q3. Yet perhaps this in itself bodes well for a post-pandemic Macau following the recent collapse of the VIP industry. “The fact [is] that even though China has slowed down, and Macau has slowed down, the earnings have been quite resilient,” Monaghan said back in 2012. “And so global investors that used to play China consumer through other forms of consumer stocks are now looking at Macau and saying, ‘Hey, this is not as risky as we once thought’.” 當年的文中寫道，在截至彼時為止 的12個月內，中場博彩收入在30%左右 的速度增長，而貴賓博彩則從2012年第 一季度的24%的增速放緩至第二季度的 7%，及至第三季度的1%。 然而對於剛剛經歷貴賓博彩行業崩 塌的澳門而言，或許也是疫後復甦的積 極預兆。 Monaghan在2012年的時候表示： 「事實上，儘管中國經濟放緩，澳門經 濟放緩，但盈利卻一直相當有彈性。因 此，過去通過其他形式的消費類股票投 資中國消費類股票的全球投資者，正在 將目光投向澳門，並想說：『嘿，看來 並不像我們曾經認為的那樣有風險。』 。」