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Macau GGR remains weak through mid-month

Bernstein Research estimates that there has been no improvement in December GGR through mid-month with the figure at MOP10.8 billion, down 16 percent year-on-year.

“Both Mass and VIP have been trending lower during the first half of December. We estimate Mass to be down low-to mid-single digits % y/y while VIP volumes are down in the low 30s %. VIP hold rate is on the high end, but lower than last December,” the analysts wrote.

Bernstein said its estimates still predict a decline of -16 to -12 percent year-on-year, vs. the Bloomberg consensus of -10 percent.

“The month may turn out to be weaker than currently estimated if weakness permeates post Xi's visit as customers hold off visiting Macau until the new year,” they added.

On the other hand, Bernstein also noted that “we have a positive outlook on the Macau gaming industry in the long-run, especially Mass (and Premium Mass in particular).”

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