Macau GGR better-than-expected in March

Gross gaming revenue in Macau fell 0.4 percent in March, performing better than analyst expectations, according to the latest data from the Gaming Inspection and Coordination Bureau.

March GGR reached MOP25.8 billion, down slightly from MOP25.95 billion reached in March 2018.

Last week, analysts lowered their March GGR growth estimates on lowered mass and VIP volume towards the end of the month – with Bernstein expecting March GGR to fall between 5 and 6 percent.

The accumulated gross revenue for the first quarter was down 0.5 percent year-on-year, reaching MOP76.2 billion.

Last week, Bernstein said it expected Q1 GGR to be impacted by the enforcement of the smoking ban.

Union Gaming analyst Grant Govertsen said GGR had increased on a sequential basis to February, which was a positive sign.

“While it is not uncommon for total March GGR to be greater than February, this isn’t always the case, and, in our view, considering the macro backdrop a sequential increase should be viewed positively and a sign of resilience in the market.”