Citigroup cuts predictions for Macau’s GGR in October to US$680.2m

Analysts at Citigroup had previously predicted Macau’s GGR in October could reach MOP7.0bn (US$865.7m).

Macau.- Analysts at Citigroup have reduced their estimates for Macau’s October GGR. Citigroup had previously predicted that Macau’s GGR could reach MOP7.0bn (US$865.7m). However, analysts now forecast MOP5.5bn (US$680.2m) due to weak revenue during October Golden week.

Macau’s average daily casino gaming revenue (GGR) in the first nine days of October was MOP1.7bn (US$210.2m), or about MOP190m a day. The Macau Government Tourism Office (MGTO) reported that 182,000 visitors arrived in Macau between October 1 and 7, 163,000 of them from mainland China. It reported an average daily volume of 26,000 visitors during October Golden Week.

However, analysts said the daily average casino GGR in Macau during the national holiday period was lower than the MOP200m a day during the Labour Day holidays in May. Revenue was also lower than that recorded during the Chinese New Year holiday period from late January to early February.

Citigroup attributed the weaker results to a fresh increase in Covid-19 cases in mainland China. However, they noted that in the week following Chinese New Year, Macau saw a spike in GGR, suggesting that something similar could happen this month.

In September, gross gaming revenue was up 35.4 per cent month-on-month from MOP2.19bn (US$270.8m) to MOP2.96bn (US$366.3m).