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Bernstein revises down January GGR estimates

Continued impact of the smoking ban, a recent crackdown on POS terminals, and a visitation slowdown ahead of CNY has pressured GGR over the last week, which came in below expectations, says Bernstein.

According to the firm’s channel checks, Macau’s GGR MTD was MOP 10.1 billion (US$1.3 billion), with an MTD ADR of MOP 777 million.

The MTD ADR is down nine percent from December, and down eight percent from January 2018.

Bernstein said this was due to the continued enforcement of the smoking ban, a crackdown of the illegal POS scheme, which saw 37 people arrested, and visitation slowdown in anticipation of the Chinese New Year in early February.

As a result, Bernstein analysts have revised down its estimates for January GGR growth - which it expects to now be between -8 to -12 percent year-on-year.

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