🎰 Macau outlook: upside remains despite VIP swings

Macau’s gross gaming revenue trend remains broadly solid, with operators pointing to encouraging signals around the May Golden Week holiday. But CBRE Equity Research says rising VIP revenue, known for sharp volatility, is making earnings forecasts harder to pin down. 📊🎰 The bigger issue is competition. A more crowded market can support growth, but it also raises pressure on margins and operator performance. For the industry, that means Macau still offers upside — just with less predictability than headline recovery figures suggest. 🌏 Source: Inside Asian Gaming, citing CBRE Equity Research.