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Unfortunately, VIP is on the down slope

 

  • Macau VIP volume has been weakening in 2014.  On a rolling 3-month basis, May 2014 VIP RC volume growth had fallen to a mere +4%.
  • Mass, on the other hand, has been relatively stable with +35-40% growth.
  • But not everyone is having trouble with the VIP business.  Galaxy, for example, saw VIP volumes rise 30% in May and is up 32% year-to-date - riding on the tremendous strength of Galaxy Macau.
  • On the other hand, MPEL has been struggling on the VIP side.  VIP volumes fell 23% and 13% in May and year-to-date, respectively.
  • VIP could continue to drag down GGR growth, starting with June.

VIP’s ROLLER COASTER RIDE - a