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<Research>Citi Cuts MO Sep GGR Forecast to MOP17.75B
Recommend 14 Positive 33 Negative 16 |
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Citi released a report on Macau’s gaming, citing industry sources. Macau's GGR for the first 15 days of September may approximate MOP8.5 billion, implying a daily run-rate of approximately MOP536 million, representing a decrease of approximately 10% compared to the daily run-rate of approximately MOP594 million for the first 8 days of September. The hold rate for recent week may be lower than that for the first 8 days of the month. Industry sources suggested that VIP performance sagged 8-10% MoM, while Mass fell 10-12% MoM. Although the WoW performance seems to be notably weaker, the broker suspected that this reflects some players choosing to postpone their Macau trips till the Mid-autumn Festival (from September 15 to 17). Nonetheless, the broker conservatively lowered its forecast for Macau's GGR in September 2024 from MOP18.25 billion to MOP17.75 billion (YoY growth 19%; about 80% of the level in September 2019), to reflect the trend since the beginning of this month, which means a daily run-rate of MOP617 million for the rest of the month. AAStocks Financial News |
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