Seaport: Macau GGR to remain soft through November on persistent high-end weakness

Seaport Research Partners sees no short-term easing of recent softness in the Macau gaming market, with GGR forecast to fall by 6.1% year-on-year in November – a figure that would represent six straight months of declines. After Macau’s Gaming Inspection and Coordination Bureau (DICJ) on Sunday reported a 10% year-on-year decline in October gaming revenues to MOP$21.7 billion (US$2.69 billion), Seaport’s Senior Analyst Vitaly Umansky noted that softer demand remains evident in higher-end play, “likely being caused by weaker China macroeconomic conditions, a falling stock market and China government tax enforcement on offshore trusts impacting HNWIs (High-Net-Worth Individuals) with overseas…