Macau GGR $747m in first 12 days of November

Market-wide casino gross gaming revenue in Macau reached MOP6bn (US$747m) in the first 12 days of November, according to estimates from Citigroup.

“The implied daily run-rate of last week was MOP543m, which was three per cent lower than that of the first five days of November 2023 at MOP560m per day,” stated the brokerage in a Monday note.

“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 seven per cent week-on-week during the Grand Prix weekend in 2019.

Based on industry sources, VIP volumes were 16 to 18 per cent lower month-on-month, while mass GGR was 12 to 14 per cent lower month-on-month. The VIP hold rate appears to be below normal level.

‘We conservatively keep our November 2023 GGR forecast unchanged at MOP16bn, which is 70 per cent of the November 2019 level for now, implying GGR to average at MOP522m per day for the rest of the month,” note the analysts.

Macau’s GGR reached MOP19.5bn ($2.42bn) in October, marking a 30.6 percent increase from September.

Source: Asia Gaming Brief