JP Morgan cuts Macau GGR forecast for October

Analysts have also cut Q4 predictions.

Macau.- JP Morgan has revised downwards its gross gaming revenue (GGR) forecast for Macau’s casino sector for October. Analysts now expect GGR to increase between 3 per cent and 6 per cent year-on-year, down from a previous estimate of 11 per cent. They have also cut their growth forecast for Q4 from 13 to 9 per cent.

Analysts DS Kim, Selina Li and Lindsey Qian said that Golden Week numbers “were not so golden,” and and that the period to November “looks to be uninspiring.”

JP Morgan team described the performance during the Golden Week period as “a temporary setback”, possibly driven by weather-related disruptions on October 5 due to the passage of Typhoon Matmo, and a softer mass market due to the timing of the holiday period, which this year began on October 6 rather than in September as in previous years. Another potential factor mentioned was the loss of high-end players attending the Formula One Singapore Grand Prix.

JP Morgan had previously reported that casino gross gaming revenue (GGR) in Macau was MOP5.5bn (US$686.1m) in the first five days of October, making it the “best Golden Week print in five-plus years.”

The Public Security Police Force (CPSP) said that Macau received 1.14 million visitor arrivals during October’s Golden Week, which ran from October 1 to 8, slightly below the forecast of 1.2 million. The average daily number of visitors stood at around 143,000 visitors, behind the forecast of 150,000,

See also:

See also: Macau sees best Golden Week revenue in over five years, JP Morgan says

Analysts have also cut Q4 predictions. Macau.- JP Morgan has revised downwards its gross gaming revenue (GGR) forecast for Macau’s casino sector for October. Analysts now expect GGR to increase…