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<Research>Citi Cuts Macau Sep GGR Forecast to MOP19.5B; Industry Sources: Mass GGR Drops 10%+ MoM
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According to industry channels, Macau's GGR for the first 14 days of September reached MOP8.8 billion, meaning an average of around MOP621 million per day from September 8 to 14, down about 2% compared to early September (averaging about MOP636 million per day), but still up about 8% compared to last September (averaging around MOP575 million per day), Citi wrote in its research report. Citi attributed the slowdown in recent weeks to a relatively dull schedule of events in Macau over the past week. According to industry sources, VIP volumes decreased by about 10-14% MoM, while Mass GGR fell by about 10-12% MoM. Taking into account the slightly lower VIP hold rate, Citi lowered its September GGR forecast for Macau from MOP20 billion to MOP19.5 billion (about 88% of the same period in 2019, with 13% YoY growth), implying a daily average of about MOP669 million for the rest of the month. SANDS CHINA LTD (01928.HK) slipped by 3.8% today to close at HKD20.26. GALAXY ENT (00027.HK) also declined by 1.4%. On the bright side, SJM HOLDINGS (00880.HK) rallied by 3.8%, closing at HKD2.99. AAStocks Financial News |
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