Analysts of different brokerages forecasted Macau GGR will be up 4-7% this month after reaching €1.3 billion between September 1-15.
Macau.- The casino industry is the main driver of the Macanese economy and continues to grow. Proof of it is the latest comment from brokerage Sanford C. Bernstein on September’s finances.
According to the brokerage, Macau GGR will likely be up between 4% and 7% this month. In a memo, analysts explained year-on-year comparisons include a period when venues closed due to Typhoon Mangkhut in September 2018.
“Our channel checks indicate that Macau’s GGR for September 1-15 was estimated to be approximately €1.3 billion. That’s a month-to-date average daily rate of approximately €86.9 million,” wrote analysts Vitaly Umansky, Eunice Lee and Kelsey Zhu.
Brokerage Nomura also forecasted “low single-digit” GGR growth in Macau. “We estimate GGR for the month should settle around €2.47 billion to €2.58 billion,” wrote Nomura’s Harry Curtis, Daniel Adam and Brian Dobson.
“The roughly 2% to 3% Macau GGR growth estimate for September implied by our estimate would mean more than 1,000 basis points of sequential acceleration versus last month’s decline, given much easier one-year growth comparisons for the balance of the current year.”