Macau’s gross gaming revenues are estimated to have reached MOP$4.3 billion for the first six days of July, implying a daily run-rate of MOP$717 million, according to a Monday note from Citigroup. This suggests July’s daily GGR is tracking 2% higher than in June – which already smashed streetside consensus – and 30% higher year-on-year with Macau continuing to enjoy a recent surge in momentum.
City analysts said the solid start to the month was likely attributable to Hong Kong superstar Jacky Cheung’s final three shows of his nine-show residency.
“Based on industry sources, VIP volumes were largely flat month-on-month and mass GGR rose by 2% to 4% month-on-month,” stated Citi’s George Choi and Timothy Chau. “VIP hold rate appears to be higher than normal.”
The analysts added that all eyes will be on the impact of upcoming performances by Aaron Kwok at Studio City and Sandy Lam at Venetian Arena later this month, although they “expect some moderation in GGR run rate after Jacky Cheung’s concert series”.
Citi is nevertheless slightly raising its July GGR forecast from MOP$19.5 billion to MOP$20 billion, implying daily GGR will average MOP628 million per day for the rest of the month.
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