Macau GGR down 7pct sequentially in Nov: govt

Dec 01, 2020 Newsdesk Latest News, Macau, Top of the deck  

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Macau casino gross gaming revenue (GGR) fell 7.2 percent month-on-month in November, according to data released on Tuesday by the city’s regulator, the Gaming Inspection and Coordination Bureau.

The body – also known as DICJ – said such GGR was MOP6.75 billion (US$845 million) for the month, compared to MOP7.27 billion in October.

Judged in year-on-year terms, the latest monthly tally was down 70.5 percent from the MOP22.88 billion achieved in November 2019.

November’s revenue result meant that the aggregate of Macau casino GGR for the 11 months to November 30 stood at MOP52.62 billion, a contraction of 80.5 percent year-on-year.

A Tuesday note from JP Morgan Securities (Asia Pacific) Ltd, described the November GGR tally as “not terrible but not good either”.

The month had “failed to deliver much-anticipated sequential recovery in GGR versus October,” noted analysts DS Kim, Derek Choi and Jeremy An, adding that average daily revenue for November had been MOP235 million.

Brokerage Sanford C. Bernstein Ltd said in a memo that November had been “negatively impacted” by “bottlenecks” on inbound tourism from mainland China, the only place currently with a quarantine-free travel bubble with Macau, “due to visa processing and Covid-[19] test requirements and by weakness in VIP volumes.”

Analysts Vitaly Umansky, Tianjiao Yu and Kelsey Zhu said the institution expected “at this stage,” that December GGR would “see a decline of  approximately 60 percent or more,” but that was dependent on a number of factors currently “uncertain”.

(Updated Dec 1, 5.30pm)

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