March GGR trending lower than expected: Bernstein

Gross gambling revenue for March currently appears on track to record growth of between 9 percent and 12 percent, lower than earlier estimates due to weaker-than-expected month-to-date results, Bernstein said in a research note.

The firm said during the week up to March 11, average daily revenue was MOP728 million ($90.2 million), which is more than 7 percent above the same period a year earlier. The VIP hold rate has been slightly below normal levels, it added.

Assuming a GGR ADR of MOP 750 million to MOP 790 million for the remaining days of the month, we estimate March GGR to a range of MOP 23.1 billion and MOP 23.9 billion, it said.

However, Bernstein also notes that should VIP hold improve or volumes increase, then March GGR could surprise on the upside.

“Several junket spring dinners will be held later this month which should increase GGR run rate above the current MTD trend,” it adds.

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