Inside Asian Gaming

IAG NOV 2019年11月 亞博匯 16 亞博匯早報 BREAKFAST BRIEFS VISITATION UP, GGR DOWN FOR MACAU IN GOLDEN WEEK 十月黃金周澳門旺丁不旺財 THE number of visitors to Macau during the National Day Golden Week holiday period, which ran from 1 to 7 October 2019, grew 11.5% year-on-year to 980,000, including 947,000 from Greater China markets. But the influx of tourists wasn’t reflected in gaming spend, with analysts estimating GGR for the period actually declined by between 11% and 12% when compared with 2018 Golden Week numbers. JP Morgan’s DS Kim, Jeremy An and Derek Choi described gaming demand across the seven days as unexciting, with an average daily revenue (ADR) of MOP$1.15 billion per day – down 12% year-on-year. “This decline may appear too big versus the estimated 3% drop for the month,” the analysts said, “but recall that last October had a (very) uneven base with a strong start from Golden Week versus a weak finish, partly due to President Xi’s visit to HK towards the end of the month. The 12% declines are actually well within our expectations.” Sanford C Bernstein analysts indicated an 11% fall in GGR to MOP$1.16 billion per day, slightly below the ADR in Macau during Chinese New Year. The declines were primarily on the back of low VIP volumes, which are believed to have declined by more than 20%. However, JP Morgan noted that mass volume was “quite solid.” “To our relief, mass came in better than expected and grew high single digits year-on-year despite tough comps, although obviously lower than robust visitation growth,” the investment bank said in a note. “This is the first time since July that mass trends didn’t disappoint, likely suggesting the impact from Hong Kong SAR protests might be subsiding.” 在 2019年10月1日至7日的國慶黃金周假期期間，前往澳門的遊 客人數達到98萬人，同比增長11.5％，其中來自大中華地區市場 遊客為94.7萬人。 然而大量遊客的湧入並未反映在博彩收入上，分析人士估 計，與2018年黃金周相比，當期的博彩收入（GGR）實際上下降了 11％至12％。 摩根大通的分析師DS Kim、Jeremy An及Derek Choi表示， 該7天的博彩需求平淡無奇，平均每日收入（ADR）為11.5億澳門 元，比去年同期下降12％。 分析人士稱：「與本月預計的3%的降幅相比，這一降幅可能 顯得太大。但回想一下，去年十月的基數（非常）不均衡，黃金周 開局強勁卻疲軟收尾，部分原因是習近平去年十月底訪港。故該 12%的降幅實際上符合我們的預期。」 Sanford C Bernstein的分析師則表示，博彩收入下降11%至 每日11.6億澳門元，略低於春節期間的日均收入。 下降的原因主要是貴賓轉碼數低，據信該數目下降了20%以 上。然而摩根大通指出，中場收入「相當穩定」。 該投行在一份報告中表示：「令我們欣慰的是，中場的情況好 過預期，儘管業績不佳，但與去年同期相比仍實現了較高的個位 數增長，雖然與強勁的到訪人數不成正比。」 「這是自七月以來中場走勢首次沒有令人失望，這或許表明 香港的抗議活動的影響正在削弱。」