Analysts at Morgan Stanley Asia predict that Macau’s daily casino gross gaming revenue could reach MOP750m (US$93.1m).
Macau.- Projections by Morgan Stanley Asia indicate that Macau gross gaming revenue (GGR) during the upcoming Golden Week could be approximately 17 per cent higher than for the rest of October. It forecasts a daily GGR of MOP750m (US$93.1m) during the holiday, compared to MOP640m for the rest of the month.
Analysts Praveen Choudhary and Gareth Leung noted that while parts of September were impacted by sever weather and a typical seasonal drop, the latter saw robust performance, and October hotel bookings are high.
Analysts said they expect fourth-quarter 2023 earnings before interest, taxation, depreciation, and amortization (EBITDA) to grow more than 10 per cent quarter-on-quarter, mainly due to better industry revenue and operating leverage.
Earlier this week, Luis Heredia, president of the Macau Hotel Association, told Macau News Agency that Macau hotel occupancy rates during the Golden Week, from September 29 to October 6, will likely surpass those of 2019. The Macao Government Tourism Office (MGTO) has raised its daily visitor arrival forecast by more than 10 per cent and now expects an average of “over 100,000” visitors daily.