Operator News
China – Macau’s March GGR falls but ‘better than feared’
By Phil - 3 April 2019
Macau’s GGR fell by 0.4 per cent in March to MOP25.84bn ($3.2bn) in March but still came in ‘better than feared.’
Analysts believed the downturn would be between three and six per cent with March’s figures actually better than February’s $3.17bn and January’s $3.1bn. The on-going trade dispute between China and the US is thought to have surpassed VIP spend.
JP Morgan Asia Pacific analyst DS Kim said: “March was better than feared… thanks to solid mass demand and favourable VIP luck.”
Union Gaming analyst Grant Govertsen said: “As comps begin to ease this spring we are looking for growth to return as of May and generally maintain in the mid-single digits. While it is not uncommon for total March GGR to be greater than February, this isn’t always the case, and, in our view, considering the macro backdrop a sequential increase should be viewed positively and a sign of resilience in the market.”
Deutsche Bank analyst Carlo Santarelli said: “March was broadly in line with forecasts, though a positive surprise given lowering expectations as March progressed. Considering the implementation of the smoking restrictions and tougher comparisons, we expect April to be a challenging comparison, before a resumption of year-over-year growth in May.”
