Macau GGR to surpass post-Covid monthly record in August, analysts say
Analysts forecast that Macau’s gross gaming revenue will reach MOP17bn (US$2.12bn) this month.
Macau.- Analysts at Citigroup have made their forecasts for the Macau GGR in the month of August. They estimate that GGR could reach MOP17bn (US$2.12bn), potentially surpassing the post-pandemic monthly record set last month, when Macau’s GGR reached MOP16.66bn (US$2.07bn).
Deutsche Bank Securities Inc has made a similar prediction, forecasting GGR of US$2.123bn for August. It projects GGR of US$6.13bn for the third quarter of 2023 and annual GGR of US$22.5bn, outperforming the government estimate by 40.6 per cent.
Citigroup’s analysts, George Choi and Ryan Cheung, highlighted the historical trend of August being a “seasonally strong month” due to the summer holiday season. Their estimate would mean GGR at 70 per cent of that in August 2019.
They said revenue data for July implied a daily run-rate of MOP595m during the final eight days of the month. This reflected a 14 per cent increase compared to the preceding week. Macau’s hotels have been experiencing a consistent average weekend occupancy rate of around 90 per cent in recent weeks.
