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Macau’s November results greatly exceed analyst expectations

By Caroline Watson
According to information posted by the Gaming and Inspection Bureau, Macau has come in ahead of analyst expectations, posting a 22.6% year-on-year increase in casino gross gaming revenue during the month of November.

Several brokerages covering the Macau casino sector anticipated GGR growth of at least 18%, however, the region hauled in a total of MOP23.03bn ($2.86bn).

The latest monthly result brought gaming revenues for the first 11 months of the year in Macau to MOP243.04bn, representing a year-on-year increase of 19.5% compared to the year prior.

Analysts from Union Gaming however have predicted that December’s GGR will increase 23% year-on-year, bringing GGR growth to 20% for the full year.

Brokerage Sanford C. Bernstein Ltd described the November tally as “wildly ahead of expectations”, to GGR Asia.

“We continue to voice caution about the strength (and volatility) surrounding VIP,” stated analysts Vitaly Umansky, Zhen Gong and Cathy Huang, referring to the high roller segment.

“High hold rates in VIP along with continued volume strength creates volatility and lack of ability to more accurately forecast the monthly trend.”
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