GGRAsia – Macau GGR only 530 million US dollars in the first ten days of September: analysts

Macau GGR only 530 million US dollars in the first ten days of September: analysts

Market-wide casino gaming revenue (GGR) in Macau reached MOP 4.30 billion (US$530.0 million) in the first 10 days of September, or a daily run rate of MOP 430 million, according to JPMorgan Securities (Asia) estimates and the Pacific Ocean). ) Ltd.

“This is significantly lower than the daily operating rate of about 550 million MOP in the past two months, but this should not come as a surprise given the significant impacts from severe weather, namely a strong typhoon in the first week of September and severe flooding. Rainstorms of the Week past,” the brokerage said in a note Monday.

Typhoon Saola prompted the Macau Meteorological Office to raise its storm signal to 10 – the highest warning signal for tropical storms – on September 2. Bad weather conditions led to the occurrence of Hurricane Saola. Temporary closure Gaming venues were closed in the city for approximately nine hours as a precaution, and transportation to and from Macau was also suspended.

“September is likely to be a month to forget, as we now expect total GDP to decline by 15 percent to 20 percent month-on-month to MOP 14.0 billion to MOP 14.5 billion, or MOP 465 million to MOP 480 million.” “The consensus is for MOP 15.8 billion (MOP 525 million per day) to enter the month,” analysts DS Kim, Mufan Shi and Selina Li wrote.

Registered Macau Casino A grand total of MOP 17.21 billion in August, up 3.3 percent from July, according to an announcement from the local regulator, the Gaming Inspection and Coordination Office. This was the best monthly performance since January 2020, at the beginning of the Covid-19 pandemic, when GDP reached MOP 22.13 billion.

Investors are likely to “look at” September’s GGR total, the JPMorgan team said in its note on Monday. “All eyes will be on Golden Week anyway by the time the GGR is released in September,” she added.

This was a reference to the holiday period in mainland China known as October Golden Week. In pre-pandemic times, this was a strong business period for Macau’s tourism and gaming industries.

In a previous note dated September 1, JPMorgan analysts had already done so Curb expectations For GGR in Macau for the current month. “The GGR in September will not wow anyone, not only because of seasonality – the shoulder season between the summer holidays and October Golden Week – but also because of the powerful Typhoon Saola,” they stated at the time.

The Chinese State Council designated the period from September 29 to October 6 inclusive this year as a holiday period popularly known as October Golden Week. This year, this period includes the lunar calendar-based Mid-Autumn Festival, which falls on September 29, and China’s National Day on October 1.

The head of Macau’s tourism office said on Sunday that local authorities expect the city to welcome a daily average of 1 “80,000 to 90,000” visitorsDuring the Golden Week of October.

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