Macau GGR up 16.1 pct, above expectations

Macau gross gaming revenue grew 16.1 percent in September - ahead of analyst expectations, according to data from the Gaming Inspection and Coordination Bureau.

Total gaming revenue reached MOP 21.4 billion (US$2.7 billion) in the month.

“The market outperformed despite the traditional pre-October holiday slowdown, as well as the lingering impact of August's weather events,” said analysts from Union Gaming in a Monday note.

“As it relates to the weather events, the market bounced back remarkably quickly with virtually all of our on-the-ground conversations with casino operators and junket operators suggesting that trends had returned to normal within days of the devastating Typhoon Hato on August 23, and Typhoon Pakhar just one week later,” the brokerage noted.

Looking ahead, Union Gaming says it expects October GGR to reach approximately MOP24 billion, representing an increase of 10 percent year-on-year.

Bernstein says the Golden Week holiday will be the key driver of the month's performance, but noted it may be too early to gauge how strong October may turn out.

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