JP Morgan sees unexpected gaming revenue rise after Macau’s October Golden Week
Analysts say average daily GGR rose last week.
Macau.- JP Morgan predicts that Macau’s gross gaming revenue (GGR) for the first 19 days of October was at MOP14.85bn (US$1.85bn). According to the analysts, the figure implies that last week’s GGR reached around MOP743m (US$92.9m) per day, a 25 per cent increase from MOP593m (US$74.1m) per day in the previous week.
JP Morgan said the figure was a “surprising rebound” after the October Golden Week holiday period, which analysts have described as “not so golden amid weather-related disruptions due to Typhoon Matmo and a softer mass market due to the timing of the holiday period, which began on October 6 rather than in September. Another potential factor mentioned was the loss of high-end players attending the Formula One Singapore Grand Prix.
“We continue to think the weak Golden Week performance was a blip rather than a trend, probably due to the typhoon and the timing of the mid-autumn festival, as well as F1 Singapore, all happening during the Golden Week holiday,” analysts said.
They added: “We’ve adjusted October GGR to plus 3 per cent to 6 per cent year-on-year after the Golden Week, but this probably carries upside risks now given such a strong – and unexpected – rebound last week.”
The Public Security Police Force (CPSP) said that Macau received 1.14 million visitor arrivals during October’s Golden Week, which ran from October 1 to 8, slightly below the forecast of 1.2 million. The average daily number of visitors stood at around 143,000 visitors, behind the forecast of 150,000.
