Analysts estimate strong October performance for Macau casinos
Analysts have estimated high gross gaming revenue (GGR) figures for Macau casinos in October.
Last year, Macau’s casino industry enjoyed its best calendar month in October, generating MOP26.63bn ($3.29bn).
However, monthly GGR only grew 3% to MOP21.95bn this September, while the stock price of the country’s top six casinos has fallen 40% on average since June.
Analysts have subsequently expressed concern that trade tensions and increased regulation are keeping VIP customers out of Macau’s casinos.
But new estimates suggest October performance will at least match last year’s, with the best projection suggesting a year-on-year growth of between 1% and 5%.
Nomura Group’s Instinet and Sanford C. Bernstein both issued notes predicting strong monthly GGR, although the latter warned of the “volatility surrounding VIP.”
Macau Secretary for Economy and Finance Lionel Leong Vai Tac recently spoke of the importance of the casino industry “continuously improving” to remain competitive.
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