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September GGR in line with reduced analyst expectations

Macau GGR rose 0.6 percent year-on-year to MOP22.1 billion in September, in-line with analysts’ revised expectations for the month. 

Average daily revenue for the month f was MOP 736 million, due to weakness in the latter part of the month, according to analysts from Bernstein. 

It is estimated that VIP was down 12-14 percent, while mass was up 11 to 13 percent.

The results saw Macau’s Q3 GGR fall 4.1 percent compared to the prior year period. 

Bernstein noted that GGR growth has been slowed by continuing weakness in the Chinese Yuan, the negativity surrounding Suncity, which continues to pressure junket VIP, along with geopolitical (US-China trade war) and other macro factors. 

Looking ahead to October, Bernstein estimates GGR to fall -6 to -3 percent year-on-year.

“With the Golden week leading off the month, the trend so far is not looking too optimistic based on our recent conversations with industry participants in Macau.”

“While hotel bookings are solid, we expect the quality of the customers will be lower (i.e., lower spend per head) this year.”

“Consequently, higher-end play will likely remain tepid during Golden Week and during the whole of October,” said the brokerage. 

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