Macau’s gross gaming revenue (GGR) reached an estimated MOP6.6 billion ($817 million) during the first nine days of August, with the daily run rate rising 12 percent from July, according to Citigroup.
Average daily GGR stood at about MOP733 million ($91 million), compared with MOP654 million ($81 million) in July. The August run rate was also 3 percent higher than the MOP715 million ($89 million) recorded during the same month last year.
Citigroup analysts attributed the sequential recovery to pent-up demand following the FIFA World Cup and a strong concert calendar during the first part of August.
Industry checks indicated that VIP volumes increased by between 12 and 15 percent month-on-month, while mass-market GGR rose by between 10 and 12 percent. VIP hold was slightly above normal, the brokerage said.
Citigroup expects upcoming entertainment events to support further GGR recovery during the remainder of the month. The calendar includes the Tencent Music Entertainment Awards at Galaxy Arena, as well as performances by ITZY and Lay Zhang at The Venetian Arena and i-dle at Galaxy Arena.
The brokerage maintained its August GGR forecast at MOP23.5 billion ($2.91 billion), which would represent a 6 percent increase from the same month last year.
Macau’s casino GGR fell 8.4 percent year-on-year to MOP20.26 billion ($2.51 billion) in July, although the total rose 9.4 percent from June. The decline was partly attributed to the FIFA World Cup, which ran until July 19th and diverted attention from casino gaming. GGR for the first seven months reached MOP147.16 billion ($18.22 billion), up 4.4 percent year-on-year.
