Macau post-Labour day GGR dip higher than usual
Gross gaming revenue was down 44 per cent week-on-week.
Macau.- Analysts at HSBC have estimated that Macau’s gross gaming revenue (GGR) was down 44 per cent week-on-week to MOP575m (US$71.8m) per day following the Labour Day golden week, which ran from May 1 to 5. GGR for the first 11 days of May was MOP8.55bn (US$1.06bn).
Analysts Charlene Liu, Jessie Lu, and Lauren Cai said that although the VIP win rate rose to 3.5-3.7 per cent from 3.3-3.5 per cent the week before, “the sequential slowdown was sharper than historical seasonality, partly because demand was front-loaded.”
They said that during the second week of May, activity usually falls by 25-35 per cent compared to the first week. However, HSBC said that the run rate for the month to date is still up 24 per cent compared to April, which is above the usual trend. The first two weeks of May generally show only about a 10 per cent average rise compared to the previous month.
In April, GGR was down 4.9 per cent month-on-month at MOP18.5bn (US$2.29bn). The figure was up 26 per cent when compared to April 2023 but down 21.4 per cent from the MOP23.6bn (US$2.91bn) reported in April 2019. Cumulatively, Macau’s GGR for the first four months of 2024 was MOP75.87bn (US$9.36bn), up 53.7 per cent year-on-year.
The Public Security Police has reported that 850,034 visitors arrived in Macau during the Labour Day golden week. That’s an increase of 40.6 per cent in year-on-year terms and surpasses the estimate of 635,000 to 700,000 forecast by Macau Government Tourist Office (MGTO) director Maria Helena de Senna Fernandes.
