Macau daily GGR reaches US$71.2m in first 10 days of November, analysts say

Analysts at Citigroup say GGR was up by 1 per cent compared to the daily average for the last 11 days of October.

Macau.- Analysts at Citigroup have reported that Macau’s gross gaming revenue (GGR) averaged MOP570m (US$71.2m) per day over the first ten days of November. That’s a rise of 1 per cent compared to the final 11 days of October.

According to analysts, casino GGR was around MOP5.7bn (US$712m), down from the same period last month due to October Golden Week holiday, which brought 916,000 visitors to Macau. VIP volume was down 15 per cent month-on-month drop and mass 13 to 15 per cent.

Citi has maintained its GGR projection for November at MOP18bn (US$2.2bn). This would signify be 79 per cent of the same month in 2019 and would mean a daily run rate of MOP615m (US$76.9m) for the remainder of the month.

Maria Helena de Senna Fernandes, the director of the Macao Government Tourism Office (MGTO), has suggested that the upcoming Macau Grand Prix from November 14 to 17 could attract more than 400,000 visitors, which would be approximately 70 per cent of the 142,000 daily average during the October Golden Week.

Bank of America Securities has forecast that Macau’s GGR will reach MOP18bn (US$2.25bn) in November. That would be a decrease of 13.5 per cent month-on-month but a rise of 12.1 per cent compared to November 2023. It would be 78.6 per cent of the GGR recorded in the same month of 2019, before the Covid-19 pandemic.

GGR for October was MOP20.79bn (US$2.60bn), an increase of 6.6 per cent year-on-year and 20.5 per cent compared to the previous month. It was the city’s best monthly performance since January 2020 (MOP22.13bn).

CICC forecasts 5% growth for GGR in Q4

China International Capital Corporation Hong Kong Securities (CICC) has projected that Macau’s GGR for the fourth quarter of the year will rise 5 per cent in year-on-year terms and 4 per cent compared to the third quarter. Analysts Shengyong Goh, Jiayu Wang and Liwei Hou said the growth would be driven by the appreciation of the renminbi against the Hong Kong dollar, which is expected to attract more visitors and increase their spending capacity.