Macau: November results “disappointing”, analyst says

According to Sanford C. Bernstein, results for the first 15 days of November were down on the previous month.

Macau.- Sanford C. Bernstein analysts have indicated in a report that gaming results for the first 15 days of November have been ‘disappointing’, with average daily revenue lower than in the previous month.

The drop would not normally be surprising considering the usual increase during the Golden Week holiday period from October 1 to 8, but this year’s Golden Week had a lower impact than expected.

Between November 1 and 15, gaming revenue was MOP3.3 billion according to the brokerage, with average daily revenues at MOP220 million, 6 per cent lower than in the first two weeks of October and down 71 per cent year-on-year.

Daily entries and departures in the city reached around 40,000 per day, with Benstein expecting visitation to continue improving in the next weeks and months as visa processing improves over time.

The brokerage said: “The key jump in visitors will come when visa processing becomes same day or via e-kiosk again, which may take some time”.

Bernstein estimates November will end with a 60 per cent year-on-year drop in gaming results depending on improvements on tourism visa processing. October saw a 72 per cent fall year-on-year.

It expects 2020 to end 70 per cent down on the MOP292.4 billion reported in 2019.