Macau casino GGR softened in early Nov: analysts

Nov 14, 2023 Newsdesk Latest News, Macau, Top of the deck  

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Macau casino gross gaming revenue (GGR) for the first 12 days of November was circa MOP6.6 billion (US$820.5 million), suggested Citigroup Inc in a Monday memo, citing industry sources. The banking institution added it was maintaining its November full-month GGR forecast at MOP16.0 billion.

Macau’s daily GGR run-rate last week was approximately MOP543 million, tracking circa 3 percent lower than that of the first five days of the current month, when it was MOP560 million, the memo indicated. For the rest of the month, it expects daily GGR to moderate further, to MOP522 million.

The “slightly slower daily run-rate” so far after the first five days of the month, “likely has to do with some big players avoiding going to Macau during the Grand Prix weekends,” wrote analysts George Choi and Ryan Cheung.

They added: “History shows that the [Macau] peninsula casinos would suffer from the road closures during the race: Macau’s daily GGR fell 7 percent week-on-week during the Grand Prix… in 2019.”

This year is the 70th edition of the annual Macau Grand Prix motorsport meeting. To mark the milestone, the meeting is being extended over two consecutive weekends, instead of being staged around a single weekend. This time racing has been on November 11 and 12; and will also be from November 16 (a Thursday) to November 19 (a Sunday).

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