Macau gaming revenue projected to remain strong in Q3
Brokerages lift July GGR forecast amid tourism boost and stable market trends.
Key points:
– July gaming revenue forecast raised to MOP 21bn ($2.6bn)
– Visitor numbers and premium hotel launches expected to support Q3 performance
– July GGR up 13% year-on-year despite slight mid-month dip
As reported by Macao Daily, investment banks are expressing renewed confidence in Macau’s gaming sector, projecting a stable third quarter and revising their July gross gaming revenue (GGR) forecasts.
Macquarie, in its latest research note, cited third-party data indicating an average daily GGR of MOP 696m for the week ending 13 July. While this marked a 3% week-on-week dip, the figure represented a 10% year-on-year increase. The drop was attributed to weaker VIP win rates and the end of a high-profile concert series by singer Jacky Cheung.
Despite the short-term moderation, Macquarie raised its full-year GGR forecast by 5% to MOP 235.7bn, projecting a 4% annual increase. The bank expects continued resilience in Q3, supported by new premium hotel openings and scheduled entertainment events.
Good to know: HSBC estimates Macau’s July GGR could land between MOP 20.8bn and MOP 22bn if daily averages stay within the MOP 650m to MOP 720m range
Citigroup also revised its July GGR estimate to MOP 21bn, up from an earlier MOP 20bn, suggesting a 13% year-on-year gain. The revised figure represents approximately 86% of July 2019 levels. VIP volumes were reportedly stable compared to June, while mass market GGR rose by up to 3%.
Citigroup further noted that mid-July saw a soft 5% pullback in daily revenue, though it remained above 2023’s monthly average. Analysts expect upcoming concerts by Aaron Kwok and Sandy Lam to further lift footfall and revenues through the month.
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