Macau GGR to post slight growth in November

According to brokerages Sanford C. Bernstein and Nomura Instinet, GGR will grow between 2%-4% year-on-year during this month.

Macau.- Gross gaming revenue (GGR) continues to grow in Macau and, after the first week of November, it is expected to slightly improve year-on-year. According to brokerages Sanford C. Bernstein and Nomura Instinet, figures will be between 2-4% by the end of the month in comparison to 2017’s as they reach the range of €2.5-2.65 billion.

As projected by Bernstein in a previous note, daily GGR was set to reach €82.5-86 million, but the most recent one, signed by analysts Vitaly Umansky, Eunice Lee and Kelsey Zhu, has estimated that the week ending November 11 saw an average daily revenue of €92.5 million. They also explained that visitation “picked up” after President Xi Jinping visited the neighbouring Zhuhai in the mainland’s Guangdong province for the opening of the Hong Kong-Zhuhai-Macau Bridge.

According to Nomura, GGR was expected to be 2.5% up from a year ago and reach between €2.5-2.6 billion. Analysts Harry Curtis, Daniel Adam and Brian Dobson reported that average daily revenue for the first complete week of November was about €92.6 million and forecasted the month’s figure to be about the same as last month and rise sequentially in line with the previous six-year median.

“Demand has gradually picked up since China’s President Xi visited the region late last month. In addition, we believe the higher-than-normal weekend-to-weekday ratio through the first 11 days also added about €3 million a day to the weekly GGR-per-day number,” Nomura assessed as well.