Macau GGR rose 16.3 percent in April
Gross gaming revenue in Macau went up by 16.3 percent year yo year to US$2.5 billion and caused casinos’ stock to rise as well.
Macau.- Macau gaming industry saw great results in April as gross gaming revenue (GGR) rose 16.3 percent year to year to reach 2.5 billion and recorded an increase in stock value for Wynn Resorts, Las Vegas Sands, MGM Resorts International and Melco Resorts. It was the ninth consecutive month of year to year increases.
These results matched analyst expectations that forecasted a growth in the month between 13 to 17 percent. As far as 2017 goes, GGR was up 13.8 percent compared to 2016 as it reached US$10.18 billion.
Bernstein Research warned about the high volatility of the VIP sector and stated in a note: “VIP GGR during the month was much stronger than we had expected. However, longer run we remain skeptical of a long sustained double-digit growth environment for VIP. We see VIP slowing down in 2H (and perhaps turning negative in Q4).”
“Looking forward to May, we anticipate May GGR to be in the US$ 2.55 billion range, a year-on-year increase of 12 – 15 percent. However, should VIP strength continue, the GGR growth could exceed expectations,” the the group predicted.
