JL Warren Capital

JL Warren Capital LLC is a leading independent equity research firm focused on Chinese companies and listed multinationals in China. We employ a bottom-up research approach that takes great care to avoid the acquisition of material non-public information. Through investigative due diligence including channel surveys and interviews, our research helps clients to pinpoint the dislocations in the market.

Investment Advisors

Macau Gaming August Update: MTD ADR Up 25+% YoY Driven by Robust VIP Demand

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Investment Advisors, JL Warren Capital

Junheng Li

Thematic (Sector/Industry)

China Consumer discretionary / Thematic (Sector/Industry)

<p>Based on our research, we estimate that the total gaming revenue for the first ten days in September was about MOP 6.8 billion and Average Daily Revenue (ADR) MOP680 million, representing 11% growth year-over-year, 9% lower than the 20% GGR growth in Aug year-over-year (Exhibit 1).   VIP growth still leads the mass segment, although the extremely low luck factor comprises the GGR from VIP segment.  MTD, the overall VIP luck factor was ~2.7%, or 10% lower than the average of 3% historically.</p><p>We…</p>

Based on our research, we estimate that the total gaming revenue for the first ten days in September was about MOP 6.8 billion and Average Daily Revenue (ADR) MOP680 million, representing 11% growth year-over-year, 9% lower than the 20% GGR growth in Aug year-over-year (Exhibit 1).   VIP growth still leads the mass segment, although the extremely low luck factor comprises the GGR from VIP segment.  MTD, the overall VIP luck factor was ~2.7%, or 10% lower than the average of 3% historically.We…

Macau Gaming Sept Update: Turning China's FX Policy Is A Positive