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November GGR “wildly” ahead of expectations


Macau November GGR came in ahead of analyst expectations again, reaching MOP23 billion (US$2.9 billion), representing a 22.6 percent year-on-year increase, according to data from the Gaming and Inspection Bureau.

Bernstein said that the GGR result came in "wildly" ahead of expectations, with implied ADR for the last four days of the month reaching MOP 871 million, much higher than normal levels.

Union Gaming in a note on Friday said it believed the VIP growth rate was above 30 percent in the month, suggesting that mass is growing in the high single or low double digits.  

The latest monthly result brought gaming revenues for the first 11 months of the year in Macau to MOP 243.04 billion, representing a year-on-year increase of 19.5 percent compared to the prior corresponding period.

Looking ahead to December, Bernstein said it is estimating mid teen percentage growth, with any upside likely driven by VIP.

Analysts from Union Gaming however estimate December GGR to grow 23 percent year-on-year, bringing GGR growth to 20 percent for the full year.

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