December GGR off to a strong start: Bernstein

The first ten days of December saw gross gaming revenue in Macau reach MOP8.25 billion (US$1.0 billion), with ADR of MOP825 million, according to the latest report from Bernstein on Monday.

The MTD ADR number is 7 percent higher than November ADR, and 20 percent over a similar period in 2016.

According to Bernstein’s channel checks, the VIP hold rate during the month has been at normal levels, while GGR has been helped by strong volume and the two weekends falling in the period (December 1-10). Bernstein added that both Mass and VIP were likely up mid-high single digit month-on-month.

Should GGR ADR stay around MOP750 to MOP770 million for the remainder of December, Bernstein says it estimates gross gaming revenue to reach between MOP24.0 to MOP 24.4 billion for December, representing a year-on-year increase of 21 to 23 percent.

The number is an increase from its estimates made by the brokerage at the start of December, which forecasted mid teen percentage growth in December.

At the time, the brokerage noted that any upside will likely be driven by VIP.