Economy

Macau GGR continues to grow, hitting three-year high in October

Macau GGR continues to grow, hitting three-year high in October”

Macau's casino market not only exceeded analyst growth expectations of between 13-18% in October, but it also soared by an impressive 22% compared to the same month a year ago.

Macau, a former Portuguese colony located on China's southern coast, is the only place in the country where casino gambling is legal.

Government data on Wednesday showed monthly gambling revenue was 26.6 billion patacas ($3.3 billion), higher than analysts' expectations of growth between 13 percent and 18 percent, and the highest revenue figure since 2014.

Visitors from mainland China during the holiday week, which ran from October 1-8, rose 11% from a year earlier and casino operators including MGM China and Wynn Macau said hotel rooms had been fully booked. "Overall revenue trends in October have been pretty healthy, with strength witnessed across segments (both mass and VIP) and across Macau (both Peninsula and Cotai)".

According to a report from American broadcaster CNBC, Nomura Securities International Incorporated made the prediction after declaring that Macau's VIP and mass-market gaming facilities had seen a "noticeable pickup in demand" over the final ten days of October.

However, CNBC reported that a Consensus Metrix survey indicated most likely investors believed Macau's aggregated gross gaming revenues for October would swell by only about 15.9% year-on-year, which would represent a 0.2% decline month-on-month.

"The market's expectations may now be too low", Daiwa analyst Jamie Soo wrote.

Macau casino SJM Holdings posted a 16.5 percent fall in its third-quarter net profit on Tuesday, weighed down by rising competition in the world's biggest casino hub.



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