Despite a rough start to April for Macau casino operators, Credit Suisse analyst Kenneth Fong believes that data out of Macau is finally starting to show signs of significant improvement. After attending a presentation by Andrew Lo, Director of top Macau junket Suncity Group, Fong believes that the tables have started to turn in Macau.

The government corruption crackdown has hit Macau hard, but Lo believes that the crackdown has resulted in a healthier Macau and an excellent starting point for a renewed growth cycle. The remaining junket operators in Macau are seeing a reduced amount of side-betting and are much more cautious with their credit extension than they were prior to the crackdown.

“The bigger players’ population and more prudent credit extension lower business risk and support a health/gradual recovery,” Fong writes.

Lo notes…

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