Daily average casino gross gaming revenue (GGR) for Macau in the first 10 days of November was circa MOP570 million (US$71.2 million), about 1 percent higher than the daily average for the final 11 days of October, suggested Citigroup in a Monday memo, citing industry channel checks.
Aggregate casino GGR for November 1 to November 10 was approximately MOP5.7 billion, with month-on-month decline seen in mass and VIP volumes, as November didn’t have the holiday-season lift seen at the start of October, suggested the banking institution.
October 1 to 7 inclusive was a holiday on the Chinese mainland – Macau’s main feeder market – encompassing the October 1 National Day, and known as October Golden Week.
“The 15-percent month-on-month decline in VIP volumes and the 13- to 15-percent month-on-month decline in mass volumes are unsurprisingly reflecting normal seasonality (high base from the National Day Golden Week last month),” wrote Citigroup.
Regarding the tourism outlook for the remainder of November, the institution cited a remark last week by Macao Government Tourism Office (MGTO) director Maria Helena de Senna Fernandes.
She said that the city’s annual motorsport gathering, the Macau Grand Prix – due to be hosted from November 14 to November 17 this time – might coincide with Macau receiving over “400,000” visitors during the period., i.e., 100,000 per day.
That would be circa 70 percent of the approximately 142,000 daily average during October Golden Week, but on par with the daily number at Easter this year, which is a holiday in Macau’s second-largest feeder market Hong Kong, but not on the mainland.
Citi kept its Macau GGR forecast for November unchanged at MOP18.0 billion. If realised, it would represent circa 79 percent recovery relative to the same month in 2019. The projection implied Macau’s GGR would achieve a daily run rate of MOP615 million for the rest of this month.
