Macau GGR to fall in June, analysts say

Analysts at HSBC Holdings say demand may have been diluted by sports betting on Euro 2024.

Macau.- HSBC Holdings forecasts that Macau’s gross gaming revenue (GGR) for June will be between MOP17.1bn and 18.1bn (US$2.11-2.26bn), down by 10 to 15 per cent when compared to the previous month. It would represent 72 to 76 per cent of 2019 levels.

In the first 16 days of the month, gambling revenue was approximately MOP9.7bn (US$1.21bn). This translates to an average of MOP606m (US$75.6m) per day, down 7 per cent from May’s MOP651m (US$75.6m).

Analysts believe the decrease in gambling demand could be due to the lower VIP win rate and the shift of interest towards sports betting on the UEFA Euro 2024 tournament, which will run until July 14.

Macau’s GGR for May was MOP20.19bn (US$2.51bn). That’s an increase of 8.9 per cent month-on-month and 29.7 per cent when compared to May 2023. Cumulatively, Macau’s GGR for the first five months of 2024 was MOP$96.06bn (US$11.9bn), up 47.9 per cent year-on-year.

The analysts said the Gaming Inspection and Co-ordination Bureau’s (DICJ) order for casinos to stop offering complimentary food and beverages should mainly impact foot traffic rather than gambling revenue. They noted that players can still exchange loyalty points for snacks and drinks, which should lessen any impact on gambling revenue.

Analysts at HSBC Holdings say demand may have been diluted by sports betting on Euro 2024. Macau.- HSBC Holdings forecasts that Macau’s gross gaming revenue (GGR) for June will be…