Casino revenue for October in Macau to decline up to 6 percent.
Macau.- According to Sanford C. Bernstein Ltd, Casino gross gaming revenue (GGR) for October will likely drop between 3% and 6% judged year-on-year.
Based on the first 13 days of October, Macau’s GGR was estimated to be around €1,42 billion. “Higher end play remained soft post Golden Week, as we have expected, and will likely stay so for the rest of October” Bernstein analysts added.
China’s State Council declared October 1-7 as this year’s National Day holiday period, also known as autumn Golden Week. This is usually a peak season for Macau’s tourism and casino industries as hundreds of thousands of mainland Chinese tourists take advantage of the week long break to visit Macau.
However, according to several analysts, casino GGR in the city for the 2019 autumn Day Golden Week actually posted a decline compared with the same period one year before, despite the increase in visitor arrivals during the holiday.
Sanford C. Bernstein stated that the average daily rate for GGR for the six-day period between October 8-13 stood at €84,2 million. “Mass volume is estimated to have improved by high single digits although, VIP volume to have declined,” the brokerage added.
Moreover, the brokerage Nomura said it was still expecting “roughly flat GGR growth in October” for Macau’s casino industry. “However, November/December comps become tougher; so this would not come as a surprise if, as in the third quarter, GGR declines on a year-over-year basis in the fourth quarter.”