Gaming

Macau’s September revenues rise by 15.5%, reaching 78% of pre-pandemic levels

Wednesday 02 de October 2024 / 12:00

⏱ 1 min read

(Macau).- In September, Macau’s gaming revenues rose by 15.5% year-on-year, reaching $2.2 billion. However, this figure represents a 12.7% decline compared to August.

Macau’s September revenues rise by 15.5%, reaching 78% of pre-pandemic levels

Gaming revenues during September increased by 15.5 per cent year-on-year in Macau, hitting the $2.2bn mark, although the total fell from August’s by 12.7 per cent.

Revenues are currently reaching 78 per cent of pre-covid levels with September’s total outpacing analystical consensus, who had estimated a 14.2 per cent increase. For the year so far, revenues have improved by 31.3 per cent and with just nine months gone have reached 78.4 per cent of the government’s full-year target. For the third quarter, revenues fell by one per cent quarter-on-quarter to US$6.94bn.

JP Morgan analysts DS Kim, Mufan Shi and Selina Li highlighted a ‘slew of poor data points in the China consumer/luxury/leisure spaces in recent months.’

They said: “We expect this Golden Week’s GGR to fall in between the last year’s at MOP$830m (US$103.6m) per day and 2024 May Day’s MOP$910m (US$113.6m) per day prints, generating around MOP$850m (US$106.1m) daily run-rate. We’ll get our first check next Monday (October 7) for the first six days of Golden Week, and any print of over MOP$900m (US$112.4m) per day (implying a double-digit year-on-year growth despite reasonably tough comps) could add momentum to the current rally, in our view.”

Citigroup is predicting further growth in October with GGR to increase by five per cent to $2.56bn.

Categoría:Gaming

Tags: Sin tags

País: Macao

Región: EMEA

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