Brokerage Bernstein has revised its December GGR estimates for Macau upwards, with revenue now tipped to grow by between 12% and 15% year-on-year to between MOP$25 billion and MOP$26 billion.
The estimate is up from predictions of an 8% to 10% increase just a week ago, with GGR over the first 16 days of the month sitting at MOP$13.8 billion or MOP$862 million per day.
According to Bernstein analysts Vitaly Umansky, Eunice Lee and Kelsey Zhu, mass continues to perform better than expected with volumes up mid-single digit % on November revenue, compared with low-single digit in VIP.
Macau recorded GGR of MOP$25 billion in November, up 8.5% year-on-year.
Notably, Bernstein’s latest prediction remains modest, assuming an average daily rate of between MOP$775 and MOP$825 million for the remainder of the month – well below the current run rate.
“Should the ADR stay at the same level as last week (MOP$843 million), then December could achieve +16.5% year-on-year growth,” analysts said.
“However, last year and 2016 both saw a considerable drop in December GGR in the latter part of the month (but this may not repeat itself this year).”