Macau: December GGR going down
According to analysts, the end of the year is looking weak in gross gaming revenues.
Macau.- Gross Gaming Revenue is still looking weak in Macau according to analysts. Bernstein Research estimates that there has been no improvement in December GGR through mid-month with the figure at MOP 10.8 billion, down 16 per cent year-on-year.
“The month may turn out to be weaker than currently estimated if weakness permeates post Xi’s visit as customers hold off visiting Macau until the new year,” they added.
On the other hand, Bernstein also noted that “we have a positive outlook on the Macau gaming industry in the long-run, especially Mass (and Premium Mass in particular).”
“Both Mass and VIP have been trending lower during the first half of December. We estimate Mass to be down low-to mid-single digits while VIP volumes are down in the low 30%. VIP hold rate is on the high end, but lower than last December,” informed Bernstein and estimated a decline of -16 to -12 per cent year-on-year, vs. the Bloomberg consensus of -10 percent.
