Macau’s casinos have rebounded strongly from the struggles of September, with the average daily rate (ADR) during Golden Week coming in at around MOP$1.3 billion according to analysts at brokerage house Sanford C Bernstein.
As outlined in a Monday note from Bernstein’s Vitaly Umansky and Kelsey Zhu, the combined month-to-date ADR figure of MOP$9.1 billion represents a 78% increase on September ADR, 52% increase on August and 23% year-on-year increase on October 2017.
The figures were aided by Golden Week, which saw total visitation grow 7.2% year-on-year to 895,242 across the first seven days of the month. As a result, Bernstein estimates mass volume to be up between 22% and 23% year-on-year and VIP volume by around 15%.
“Other than visitation growth, better quality players helped drove VIP and mass GGR growth,” Umansky and Zhu said.
Bernstein predicts year-on-year growth for the month of October to grow between 5% and 8% based on more modest ADR of MOP$790 million to MOP$820 million for the remainder, with the results to be anxiously awaited after Typhoon Mangkhut saw Macau’s September gaming revenue grow just 2.8% year-on-year to MOP$21.9 billion.