Macau daily GGR for Aug 1-4 up 7pct on end-July: Citi

Aug 07, 2024 Newsdesk Latest News, Macau, Top of the deck  

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Macau’s casino gross gaming revenue (GGR) is estimated to have reached circa MOP2.5 billion (US$311.3 million) for the first four days of August, a daily run rate of about MOP625 million, Citigroup suggested in a Monday memo, citing industry sources.

Such daily run rate would be a circa 7-percent increase from that of the final 10 days of July, where the daily run rate was circa MOP585 million, the banking institution suggested.

Macau’s July casino GGR rose 5.1-percent month-on-month to just under MOP18.60 billion. The July GGR result had been described by a number of investment analysts as “weak” relative to market expectations, as they had observed was likely the daily run-date had slowed at the end of that month.

In its latest memo, Citigroup suggested the summer holidays had been the factor adding a “boost” to Macau’s recent visitor volume.

The institution made reference to a Sunday briefing by Macau’s Public Security Police, which mentioned the city had seen a “record” single-day visitor throughput – movement in an out – of “710,000” on Saturday (August 3).

That day also saw Macau’s inbound visitor arrivals for the year-to-date, pass the 20-million mark. The milestone figure was reached two months earlier than in the 2023 trading period.

Citigroup stated in its Monday memo, that for the start of August: “Based on industry sources, VIP [gambling daily] volumes were circa 3 percent to 5 percent lower month-on-month, while mass [play] volumes were circa 2 percent to 4 percent higher month-on-month. VIP hold rate appears to be slightly above normal.”

The institution said it was keeping its August casino GGR forecast for Macau at MOP20.0 billion, a tally that would represent about 82 percent of the same month in 2019.

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