• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Features
  • Industry Talk
  • Trends & Tech
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Early CNY GGR in Macau dismal as expected: JP Morgan

Feb 17, 2021 Newsdesk Latest News, Macau, Top of the deck  


Early CNY GGR in Macau dismal as expected: JP Morgan

Macau’s casino gross gaming revenue (GGR) for the first 15 days of February was a case of “so far, so bad, as expected”, with visitor numbers “dismal”, said a Tuesday note from JP Morgan Securities (Asia Pacific) Ltd.

Separately, a memo the same day from brokerage Sanford C. Bernstein Ltd stated: “Macau GGR declined during the second week of February and the beginning of the Lunar New Year, with travel from China continuing to drop due to rising Covid[-19] contagion in the country.”

Mainland China is currently the only place to have a largely quarantine-free travel bubble with Macau.

Both institutions estimated Macau casino GGR for the first 15 days of the month had been MOP3 billion (US$375.7 million), i.e., an average daily rate of MOP200 million per day.

JP Morgan analysts DS Kim and Derek Choi observed: “This implies last week’s run-rate… unsurprisingly, slowed to approximately MOP190 million per day as it captures a lull period of Chinese New Year: pre-holiday slowdown, plus the first three days of the spring festival, where Chinese spend time with family/friends.”

China’s State Council had designated this year’s holiday period as running inclusively from February 11, a Thursday – the eve of Chinese New Year – to February 17, a Wednesday.

Data from Macau’s Public Security Police Force, the agency responsible for controlling the city’s entry points, indicated that for the first five days of the Chinese New Year holiday from February 11 to February 15 inclusive, the tally of visitors was 62,984, i.e., down 71.6 percent relative to the 2020 holiday.

That made the 2021 daily average for the first five days, 12,597 arrivals. The highest daily tally up to that point was the fourth day, with 17,357.

Sanford Bernstein analysts Vitaly Umansky and Tianjiao Yu estimated from their “channel checks”, that the month-to-date average daily rate of GGR was down 78 percent year-on-year. In 2020, Chinese New Year had fallen on January 25.

Additionally, month-to-date daily GGR was down 23 percent compared to this January.

JP Morgan stated on Tuesday: “We’d hope to see a meaningful uptick for the coming week’s data… but visibility remains extremely low amidst ongoing travel curbs and it wouldn’t really move the needle for investment sentiment anyway, in our view.”


  • tweet
Related articles
  • Kangwon licence extension to come with tax rejig: JP Morgan
    Kangwon licence extension to come with...

    Feb 24, 2021  

  • Macau casino GGR soared in final days of CNY: brokerages
    Macau casino GGR soared in final days...

    Feb 23, 2021  

More news
  • Melco’s Lawrence Ho hopeful on Macau recovery in March
    Melco’s Lawrence Ho hopeful on Macau...

    Feb 26, 2021  

  • Paradise 4Q loss up sequentially, positive EBITDA
    Paradise 4Q loss up sequentially,...

    Feb 26, 2021  


Latest News

Melco’s Lawrence Ho hopeful on Macau recovery in March

Melco’s Lawrence Ho hopeful on Macau recovery in March

Feb 26, 2021  

Lawrence Ho Yau Lung, chairman and chief executive of casino operator Melco Resorts and Entertainment Ltd, says Macau’s casino sector could start showing recovery signs in “mid-to-late...
Read More
Paradise 4Q loss up sequentially, positive EBITDA

Paradise 4Q loss up sequentially, positive EBITDA

Feb 26, 2021  

Gaming recovery helps Melco Resorts EBITDA break even 4Q

Gaming recovery helps Melco Resorts EBITDA break even 4Q

Feb 26, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Partners

Pick of the Day


US$129.0 million

Adjusted EBITDA reported by Macau casino operator Galaxy Entertainment for the fourth quarter of 2020



Most Popular

  • Macau casino GGR soared in final days of CNY: brokeragesMacau casino GGR soared in final days of CNY: brokerages February 23, 2021
  • Pansy Ho sells off more stock in MGM Resorts for US$36mlnPansy Ho sells off more stock in MGM Resorts for US$36mln February 23, 2021
  • Macau removes last mainland cities from its quarantine listMacau removes last mainland cities from its quarantine list February 23, 2021
  • GEG in US$1.6bln construction deal on Galaxy Macau Phase 4GEG in US$1.6bln construction deal on Galaxy Macau Phase 4 February 22, 2021
  • Caesars out of Korea, ex-partner R&F asks 3yr delayCaesars out of Korea, ex-partner R&F asks 3yr delay February 19, 2021
Copyright 2014-2020 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us