There’s trouble ahead for Macao but the casino industry has plenty of time to brace for impact. Credit in China is down 6% year over year. As Credit Suisse analyst Cameron McKnight reports, 
“Weak credit data is likely to exacerbate China macro concerns. There is a significant lag (12-15 months plus) between Macau and credit growth. If Macau revenue growth decelerates, it likely reflects macro conditions at least a year ago — when credit growth was slowing. Secondly, credit growth is very volatile m/m and q/q.”
However, McKnight sees positives in the form of consolidation among junketeers and “a more diversified player base.” Also, easier access via the HKZM Bridge is viewed as a plus. McKnight’s “pecking order,” in descending sequence is: Galaxy Entertainment, Sands China, Melco Resorts & Entertainment and MGM Resorts International. No word on why Wynn Resorts didn’t make the cut and, as far as decrepit Sociedade de Jogos de Macau goes, who cares?
Well, Michelin cares. Joel Robuchon may be gone but Robuchon au Dôme at Grand Lisboa hung on to its three-star rating. Ditto Chinese restaurant The Eight, also at Grand Lisboa. Jade Dragon in Melco’s City of Dreams was upgraded from two stars to three and Alain Ducasse at Morpheus debuted with two stars. As for one-star restaurants, they were a plethora, too numerous to name.
