Sunday, August 14, 2022

GGR weaker than expected last week: analysts


Macau’s gross gaming revenue in the last week was weaker than expected given The Parisian opening and Mid-Autumn Festival Holiday, say analysts.

A note from Buckingham Research Group on Monday read: “While the week benefited from the opening of the Parisian and the ramping of Wynn Palace, this was potentially offset by the looming threat of super typhoon Meranti. Additionally, Friday was a holiday in Hong Kong and China, the Mid-Autumn festival – a traditionally family heavy holiday that had Macau full of kids and potentially less gamblers.”

According to Bernstein, Macau gross gaming revenue month to date is MOP 11.3 billion, implying an ADR of MOP 628 million.

Assuming an ADR of MOP 540 - 590 million for the remainder of the month, the brokerage estimates September GGR would be around MOP 18 billion, a year-on-year increase of 4 percent to 7 percent.

“Due to a ramp up of new projects and better than expected VIP, September GGR should still be better than previous years compared to an historic average m/m decrease in September of -6% (m/m range in September over the previous 5 years of -11% to +1%),” said Bernstein’s analysts.

 

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