Leong has high hopes for 2017 GGR

Macau Secretary for Economy and Finance, Lionel Leong says he expects 2017 gaming revenue to be higher than previously forecasted, local media reports.

Leong made the comments at a public event on Friday, adding that he estimates gross gaming revenue to see “positive double-digit growth” compared to last year’s results.

According to a report from Macau Daily Times, Leong noted that revenues have maintained a stable and positive trend.

Last month, Macau saw a 22.1 percent increase in gross gaming revenue, which was far above analyst expectations.

Leong said October was the best month for the industry since the gaming downturn began.

Figures from the Gaming Inspection and Coordination Bureau showed that accumulated gross gaming revenue from January to October was MOP220 billion, an increase of 19.2 percent compared to the same period of 2017.

November GGR in line so far

On Monday, Bernstein analysts released a note which estimated Macau November GGR to grow 12-15 percent year-on-year.

According to the brokerage’s channel checks, GGR for the first five days of November was MOP3.7 billion, with an ADR of MOP 740 million (US$91.7 million). This ADR number was in line with estimates.

Assuming an ADR GGR of MOP 690 million – MOP 720 million for the remainder of the month, Bernstein says it estimates November GGR to be in a range of MOP 21 billion and MOP 21.7 billion, based on channel checks.