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Macau May GGR expected to reach $2.79B, supported by non-gaming events: Citigroup

Posted on by Admin VietNamGaming

01-10-2020 |  

Macau’s gross gaming revenue (GGR) for May is forecast to reach MOP22.5 billion ($2.79 billion), representing a year-on-year increase of 6 percent, supported by major non-gaming events scheduled in the second half of the month, according to a report by Citigroup citing industry sources.

The investment bank has conservatively maintained its monthly projection, which implies that average daily GGR will need to reach approximately MOP704 million ($87.2 million) during the remaining days of the month to meet the forecast.

Citigroup highlighted upcoming entertainment events as potential drivers of gaming demand. Sands China is scheduled to host the IVE concert at the Venetian Arena, while Galaxy Entertainment will organize the EXO concert and UFC Fight Night at the Galaxy Arena.

Analysts note that these major events are expected to support gaming demand during the second half of May, helping sustain the projected monthly performance.

Gaming revenue in the first 17 days of May is estimated to have reached approximately MOP12.65 billion ($1.57 billion). Average daily revenue in the previous week stood at about MOP693 million ($85.9 million), representing a decrease of roughly 11 percent compared with the daily average of about MOP780 million ($96.7 million) recorded in the first 10 days of May, a period that included the Labor Day holiday.

Despite the week-on-week decline, the figure reflects an increase of approximately 1 percent compared with the daily average of about MOP684 million ($84.8 million) registered during the same period in May of last year.

Source: AGBrief

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