Citigroup maintains Macau GGR forecast

Daily GGR must reach about MOP704m (US$87.2m) for the remainder of the month to meet the full-month target.

Macau.- Investment bank Citigroup has kept its forecast for Macau’s May gross gaming revenue (GGR) at MOP22.5bn (US$2.79bn). That would represent a 6 per cent year-on-year increase and implies that average daily GGR must reach about MOP704m (US$87.2m) for the remainder of the month.

Citi data shows Macau’s GGR reached MOP12.65bn (US$1.57bn) in the first 17 days of May. Average daily revenue in the last week stood at MOP693m (US$85.9m), down roughly 11 per cent from around MOP780m (US$96.7m) in the first 10 days of the month, which included the Labour Day holiday period.

Despite the expected week-on-week decline, daily revenue was still about 1 per cent higher than the same period last year, when it averaged MOP684m (US$84.8m). Upcoming events, including concerts and sporting programmes hosted by major operators are expected to support gaming through the remainder of May, including the IVE concert to be staged by Sands China at the Venetian Arena, as well as an EXO concert and UFC Fight Night at Galaxy Entertainment’s Galaxy Arena.

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Daily GGR must reach about MOP704m (US$87.2m) for the remainder of the month to meet the full-month target. Macau.- Investment bank Citigroup has kept its forecast for Macau’s May gross gaming revenue (GGR) at MOP22.5bn (US$2.79bn). That would represent a 6 per cent year-on-year increase and implies that average daily GGR must reach about MOP704m…