Macau’s gross gaming revenue is estimated to have averaged MOP$593 million (US$73.6 million) per day for the seven days from 12 to 18 May, representing a 3% increase over the prior week period.
According to a Monday note from Citigroup, the weekly run rate maintains gaming revenues within expected seasonality, having followed historical trends by falling off dramatically after the May Day Golden Week holiday from 1 to 5 May. Industry analysts had reported a surprisingly strong Golden Week in which GGR is said to have exceeded MOP$1 billion (US$124 million) per day.
Citi’s George Choi and Timothy Chau said GGR through the first 18 days of May combined is estimated at MOP$12.7 billion (US$1.58 billion) and have maintained their revenue forecast for the month at MOP$21.0 billion (US$2.61 billion) – up 4% year-on-year and back to 81% of pre-COVID levels.
Supporting the year-on-year growth, they added, is a strong concert line-up at Macau’s integrated resorts, including two shows by Sammi Cheng on 24 and 25 May, one by Show Lo on 31 May and the first of the 10 shows by Leon Lai on 31 May. High-end concerts are seen as a significant driver of volumes due to the quality of patrons they attract to Macau.
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