Macau recorded gross gaming revenue of MOP$22.96 billion in July, representing a 29.2% year-on-year increase and the 12th consecutive month of GGR growth, according to official figures from the Gaming Inspection and Coordination Bureau.
The result comfortably beat consensus and came on the back of another strong performance in the VIP sector which saw revenue rise 36% year-on-year, with mass market revenue up 7% from the same period in 2016.
The average daily rate was MOP$741 million, up 11% sequentially.
Union Gaming analyst Grant Govertsen said the results were particularly impressive given the slow start to the month as a result of Chinese President Xi Jinping’s visit to Hong Kong and prove that recent capital flow measures haven’t been designed to slow Macau’s growth.
“It appears, as we had expected, that there has been no measurable impact from the installation of KYC measures across Macau’s ATM machines (effective as of 4 July),” he said.
“We continue to believe that these measures were not put in place to stunt the growth of GGR (VIP or mass), but rather view the measures as generic capital control measures designed to slow a widespread issue of non-casino visitors to Macau coming to the market with the express intention of withdrawing HKD out of their RMB accounts.”
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