Macau reported gross gaming revenue of MOP$22.08 billion (US$2.73 billion) in September, a slight 0.6% year-on-year increase and largely in line with estimates.
The GGR figure was the lowest monthly total of 2019 so far, below June’s MOP$23.81 billion, with average daily revenue of MOP$736 million also the lowest in Macau since September 2018. It was also 6% lower than August.
According to Bernstein analysts, VIP revenue declined by 12% to 14% in September with mass revenue rising by 11% to 13%.
They are also tipping GGR growth to fall back into the red in October at -3% to -6%, stating, “With Golden week leading off the month, the trend so far is not looking too optimistic based on our recent conversations with industry participants in Macau.
“While hotel bookings are solid, we expect the quality of the customers will be lower (i.e. lower spend per head) this year. Room comps will be high during the period, but likely go to an average lower spend customer than in 2018. Consequently, higher end play will likely remain tepid during Golden Week and during the whole of October.”
Macau’s GGR through the first nine months of 2019 sits at MOP$220.30 billion, down 1.7% on the same period last year.
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