Market-wide casino gross gaming revenue (GGR) in Macau reached MOP6 billion ($747 million) in the first 12 days of November, according to estimates from Citigroup.
‘The implied daily run-rate of last week was MOP543 million, which was 3 percent lower than that of the first five days of November 2023 at MOP560 million per day. We believe that the slightly slower daily run-rate likely has to do with some big players avoiding going to Macau during the Grand Prix weekends history shows that Peninsula casinos would suffer from the road closures during the race – Macau’s daily GGR fell 7 percent week-on-week during the Grand Prix weekend in 2019’, stated the brokerage in a Monday note.
Based on industry sources, VIP volumes were 16-18 percent lower month-on-month, while mass GGR was 12-14 percent lower month-on-month. The VIP hold rate appears to be below normal level.
‘We conservatively keep our November 2023 GGR forecast unchanged at MOP16 billion, which is 70 percent of the November 2019 level for now, implying GGR to average at MOP522 million per day for the rest of the month,’ note the analysts.
Macau’s GGR reached MOP19.5 billion ($2.42 billion) in October, marking a 30.6 percent increase from September.
Due to Golden Week, which runs for eight consecutive days, the country’s October 1st National Day coincided with the Mid-Autumn Festival. The October total was up 400 percent from the prior-year period, setting a new record since the pandemic.
Tourism authorities also have high expectations of the Grand Prix. According to the official statistical data, the event recorded over 28,000 visitors in a single day last Sunday. The event will continue this coming weekend.