Macau’s GGR to grow 20 pct in June

Morgan Stanley released a note and forecasted a 20 per cent increase in Macau’s GGR by the end of June.

Macau.- Morgan Stanley has confirmed the projections other firms have announced for Macau’s gross gaming revenue (GGR) in June and forecasted a 20 per cent gain year-on-year. The financial services firm explained that the opening of Melco Resorts & Entertainment’s Morpheus Hotel and the Dragon Boat festival helped boost the monthly figure.

According to Morgan Stanley, there were lower-than-expected projections due to slower mass market growth as this year’s June had one less weekend than 2017’s. However, the firm expects mass market to grow stronger through August as last year’s was relatively weak.

Several brokerages had already said that Macau’s gross gaming revenue (GGR) was set to increase during June. Sandford Bernstein, like Morgan Stanley – and due to the same reasons – announced GGR is expected to increase by 21 or 22 per cent this month, mainly thanks to a positive Morpheus opening and the Dragon Boat Festival long weekend.

JP Morgan Securities (Asia) Ltd analysts DS Kim and Sean Zhuang had written in a June 11th Memo: “Based on our checks, gross gaming revenue (GGR) for the first 10 days of June was estimated at circa US$1.05 billion, translating into US$88.3 million per day. This is better than May’s US$85.4 million per day (which was dragged by poor VIP luck), helped by two full weekends during the 10-day period.”