Macau’s GGR for the third week of November was up 25 per cent when compared to the previous week, from an average daily revenue of MOP194m (US$24.1m) to MOP242m (US$30.2m).
Macau.- Sanford C. Bernstein Ltd has revealed that Macau’s Gross Gaming Revenue (GGR) for the third week of November was up 25 per cent week-on-week. The average daily revenue grew from MOP194m (US$24.1m) to MOP242m (US$30.2m) when compared to the previous week, when the GGR was down 18 per cent.
According to analysts, the figure could have been higher but it was affected by a very low VIP hold. However, the number of tourist arrivals continues to rise, with the city recording 35,525 visitors on November 19.
Macau’s GGR for November stands at MOP4.7bn (US$585m), with an average daily rate of MOP224m (US$28m), down 71 per cent when compared to 2019 but up 59 per cent from October, when the city saw the lowest monthly GGR of 2021, down 25.8 per cent month-on-month and 40 per cent year-on-year.
The analysts said: “Last week, VIP hold in Macau is likely to have been below 0.5 per cent, or even negative, and is trending around 1.7 per cent to 1.9 per cent for the month, well below the normal level of 3 per cent, which has impacted negatively the average daily GGR figure.”
S&P: Macau GGR could return to pre-pandemic levels by 2023
Macau’s Gross Gaming Revenue (GGR) won’t return to pre-pandemic levels until 2023, according to analysts at Standard and Poor’s Global Ratings. The credit assessment agency predicted that Macau’s GGR for 2022 will probably be between 60 per cent to 70 per cent of 2019 levels as China’s zero-Covid policy look set to continue.
Mass GGR for 2022 will be between 70 per cent to 80 per cent of 2019 levels while VIP GGR could reach around 40 per cent to 50 per cent of pre-pandemic levels.
Aras Poon, an associate director at the rating house, said: “Macau’s GGR was likely to stay weak next two quarters, and pick up more meaningfully from the second half of 2022.”