\nAfter a spate of bad news for Macau that has included UnionPay\u2019s annual cap on cash withdrawal and Neptune’s reported half year losses, Morgan Stanley says it retains a cautious view on the gaming industry but that the news is not as bad as it seems.<\/p>\n
\tIt was recently reported that UnionPay would limit Chinese debit card users to withdraw cash up to RMB100,000 ($15,700 per card annually overseas from January 1, 2016. <\/p>\n
\tThere is no change to the daily limit of Rmb10,000 cash withdrawal, unlimited debit card usage through swiping and up to RMB1 million credit limit per card.<\/p>\n
\tMS says this is negative for regular premium mass players who withdraw cash from ATM machines to buy chips from cage or tables and were frequent visitors.<\/p>\n
\t\u201cFor others, it is not as bad. Most customers have several cards and are also using pawnshops\/credit cards to access cash for gambling with no additional restrictions. On a relative basis, this impacts Macau more than other global tourist destinations where Chinese visitors can swipe the card to buy merchandise.\u201d<\/p>\n
\tIn a separate news story, Neptune reported a net loss of HK$959mn in 2HFY15 (ending June) – LBITDA came at HK$1bn, due to impairment loss of trade receivables and intangible assets. <\/p>\n
\tThe group wrote off investments in Sands Macao, Venetian and Grand Lisboa junket business. They also closed down 22 tables at StarWorld and now operate only 59 tables – 3 percent of the total VIP tables in Macau.<\/p>\n
\tNeptune Group (including unlisted entity) had over 10 percent market share of the junket VIP business. <\/p>\n
\t\u201cWe believe this is negative for VIP business in Macau, which we expect to decline by 47%\/7% in 2015\/16, but somewhat backward looking.\u201d<\/p>\n
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