Macau’s gaming revenue dropped by to MOP17.98bn (US$2.25bn) in March, down 16.3 per cent from March last year, and marking the 22nd consecutive month of year-on-year GGR decline.
Macau’s Secretary for Economy and Finance Lionel Leong Vai Tac said the 13.3 per cent decline in GGR in the first quarter, compared to last year, was expected.
The Gaming and Inspection Co-ordination Bureau (DCIJ) confirmed that GGR had fallen by 13.3 per cent year-on-year to 56.17bn patacas in the first quarter.
“Comparing the first three month of this year to last year’s it fell by 13.3 per cent, still within our expectations,” Mr. Leong said.
Union Gaming Analyst Grant Govertsen said: “The underlying GGR story feels to us like it continues to improve with a gradually shifting revenue mix within the new normalized range of MOP17 to 18bn plus; strength is being particularly felt at the lower end of the market which tends to have higher margins relative to the upper tiers of mass.”
Wells Fargo Senior Analyst Cameron McKnight added:“ We think it’s still too early to call stabilisation in Macau, with March and April revenues expected to be down double digits.”