Analysts expect Macau GGR growth to continue in July
June figures beat most expectations.
Macau.- Analysts expect Macau gross gambling revenue to continue to grow in July after June results surpassed expectations. Seaport Research Partners analyst Vitaly Umansky has provided an early estimate for July GGR of “plus 10.2 per cent year-on-year but minus 2.7 per cent month-on-month. It’s raised its full-year growth forecast to 5.6 per cent.
Morgan Stanley Asia has said that it expects July GGR to be MOP20.4bn (US$2.5bn), up 10 per cent year-on-year. It forecasts full-year 2025 GGR of MOP238bn, an increase of 5 per cent in year-on-year terms. Citigroup conservatively anticipates July 2025 GGR to grow 5 per cent year-on-year to MOP19.5bn (US$2.4bn).
DS Kim and Selina Li from JP Morgan Securities (Asia Pacific) write in a note that June’s GGR beat the already revised-up consensus of plus 9 per cent year-on-year. They noted that June’s daily run-rate of MOP702m (US$86.8m) was even higher than May’s, despite typical seasonality showing high-single digit declines month-on-month. They said high-end gaming segments, direct VIP and ultra-premium mass had performed particularly well.
“Both segments performed strongly and outpaced the seasonality, though we estimate VIP grew faster (plus 10 per cent quarter-on-quarter or plus 12 per cent year-on-year) than mass (plus 5 per cent quarter-on-quarter or plus 8 per cent year-on-year),” they said.
