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Macau GGR picked up last week, Grand Prix slowdown expected

Macau GGR was much stronger than expected in the second week of November, with month-to-date figures reaching MOP9.4 billion with an ADR of MOP 779 million, say analysts from Bernstein.

The month-to-date AFR is around 9 percent lower than October ADR but 28 percent over a similar period in 2016.

Bernstein said that VIP hold rate during the month has been in the normal range with strong volumes.

The brokerage also noted that heavy foot traffic in Macau, which has helped to lift base mass and premium mass. Bernstein expects mass to be up mid to high teens while VIP will be likely to be up 35 percent year-on-year.

With the upcoming Macau Grand Prix, Bernstein noted that this event has historically dampened GGR in Macau.

With this in mind, Bernstein estimates November GGR to be in  range of MOP22.1 to MOP 22.5 billion, representing a year-on-year increase in November of 18 to 20 percent.

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The first week of January saw month-to-date GGR performing slightly lower than its 2017 counterpart, according to channel checks from Bernstein.