Gaming

Citigroup lifts May casino revenue forecast to US$ 2.5 B in Macau

Thursday 23 de May 2024 / 12:00

⏱ 1 min read

(Macau).- Macau’s gaming industry experienced a positive trend in the first 19 days of May, with gross gaming revenue (GGR) reaching approximately MOP13.4 billion (US$1.67 billion), according to Citigroup citing industry sources. The group lifts May casino revenue forecast to MOP20.5 bln (US$ 2.5 B).

Citigroup lifts May casino revenue forecast to US$ 2.5 B in Macau

The daily run-rate for the past week stood at around MOP686 million, indicating a 19 percent jump compared to the previous week’s average of approximately MOP579 million per day, analysts George Choi and Ryan Cheung said in a recent update. The primary driver behind this improved performance is believed to be an increase in visitation to Macau.

One contributing factor to the rise in visitors was the public holiday in Hong Kong on 15 May, which resulted in Macau recording a significant influx of approximately 88,000 visitors on that day alone.

Additionally, the concerts held by Cantopop group Mirror at the Galaxy Arena from 16 to 19 May, along with the introduction of the Small 6/Big 6 side bets by Sands China and Galaxy Entertainment Group, was likely to play a role in attracting more visitors.

Industry sources have reported that VIP volumes saw a month-on-month increase of approximately 15 to 18 per cent, while mass volumes experienced a rise of around 13 to 15 per cent.

Furthermore, the VIP hold rate, which represents the percentage of money retained by the casino from VIP gamblers, appears to be slightly higher than usual.

Taking into account these recent trends, analysts have revised their forecast for May’s GGR.

Previously estimated at MOP20 billion, the new projection now stands at MOP20.5 billion, accounting for 79% of May 2019 levels. This translates to an average daily GGR of approximately MOP592 million for the remaining days.

Categoría:Gaming

Tags: Sin tags

País: Macao

Región: Asia

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