Citigroup cuts August gaming revenue forecast to MOP19 billion
According to industry sources, the Gross Gambling Revenue (GGR) of tables at Macau casinos reached MOP4.8 billion during the first nine days of August, Citigroup reported yesterday.
The daily run rate of this period amounted to MOP567 million, six percent lower than that of July. As a result, Citigroup has reduced its August GGR forecast from 20 billion to MOP19 billion, assuming a daily run-rate of MOP630 million for the rest of the month (-34 percent y-o-y but +2 percent m-o-m).
The research house also pointed out that if the average monthly GGR falls below MOP20 billion in the first eight months of 2015, the Macau government “may roll out more supportive policies for the industry.”
Bernstein Research’s analysts noted that the GGR for the first nine days “appears weak considering there were two weekends in this period,” although they also added that “part of the weakness is due to lower-than-normal hold rates.”
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