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.