Fitch Ratings lowered its projection for growth in Macau’s gaming and gambling revenues from 15 percent to 10-12 percent for 2012, the ratings agency said in a statement issued Wednesday.
Explaining that the decision was based on a more cautious outlook due to the impact of economic cooling in China, the agency said that it was the second time it had lowered its projection in the last two months, after reducing the projection from 20 percent to 15 percent following indications that the economic slowdown in China would be greater than previously expected.
In 2011 Macau’s gaming and gambling revenues posted growth of 42 percent and of 58 percent in 2010.
This year revenues to June rose by almost 20 percent but Fitch said that a slowdown had become clear in May when growth was of just 7.3 percent, which was followed by growth of 12.2 percent in June.
The agency noted that it expected that growth in July would be modest, possibly a single figure, given that typhoon Vincent caused problems in the sea transport service between Macau and Hong Kong.
Fitch Ratings also said that this new downward revision of expected growth implies that the gaming and gambling market in Macau will see overall growth in revenues of a single digit by the end of the year. (macauhub)