An official with a Hong Kong-listed investor in the Macau VIP gambling sector says he’s seen “a glimmer of hope” in the past six months, “as revenue rebounded in Macau’s gaming sector”.
Danny Xuda Huang, chairman of the Neptune Group Ltd., remarks were contained in its interim report for the six months ending December 31, 2016 filed with the Hong Kong Stock Exchange last week.
According to investment analysts, Neptune was once one of the largest investors in the Macau VIP gambling segment. However, the company is reported to have been impacted by China’s anti-graft campaign, which has seen a reduction in the volume of high-roller cash flowing through city’s junket rooms. The Macau VIP gambling segment has also seen a stretching of repayment periods on gambling credit issued to players, and higher levels of default than previously recorded.