Macau visitation improving but GGR spend low in first week of November, say analysts – IAG – Inside Asian Gaming

Macaus gross gaming revenue was estimated at around MOP$1.65 billion (US$206 million), or MOP$235 million per day (US$29.3 million), for the first seven days of November, representing a 12% week-on-week increase.

According to industry analysts, the figures are weaker than first anticipated but still reflect a decent recovery trajectory following the easing of border restrictions between Macau and Zhuhai on 19 October, with daily arrivals departures combined reaching 50,000 per day not far from Mays peak of 57,000. As reported by Inside Asian Gaming, total visitor arrivals reached 30,512 on 29 October.

In a Monday note, Bernstein analysts Vitaly Umansky, Louis Li and Kelsey Zhu said, Given Chinas COVID outbreak is continuing and has spread to 20 (of total 34) provinces, visitation to Macau seems reasonably solid, but average visitor spend seems low.

The MOP$235 million run rate over the past week is 69% lower than in November 2019 but 67% higher than October, when daily GGR was just MOP$141 million (US$17.6 million). It remains below the MOP$250 million to MOP$300 million (US$31.2 million to US$37.4 million) in daily GGR achieved through the first six months of this year.

VIP average daily volume is said to be up by 75% to 80% versus October while mass GGR is up by between 50% and 55%.

JP Morgans DS Kim, Amanda Cheng and Livy Lyu described it as am okay start to the month and also noted GGR is not too bad either considering the recent COVID flare-ups in multiple provinces (in China).

Macau GGR for November is estimated to finish between 60% and 70% lower than November 2019, when GGR was MOP$22.88 billion (US$2.85 billion).

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Macau visitation improving but GGR spend low in first week of November, say analysts - IAG - Inside Asian Gaming