Post by Blitz on Mar 1, 2024 8:08:06 GMT -5
Macau’s February GGR reaches $2.29B, down 4.4% from January
agbrief.com/news/macau/01/03/2024/macaus-february-ggr-reaches-2-29b-down-4-4-from-january/
Macau’s gross gaming revenue (GGR) amounted to MOP18.5 billion ($2.29 billion) in February, reflecting a 4.4 percent decrease from January’s MOP19.3 billion ($2.4 billion) and a 5.2 percent decline compared to the October high of MOP19.5 billion ($2.41 billion).
According to data released by the local regulator, the Gaming Inspection and Coordination Bureau (DICJ), the February tally marked a 79.1 percent increase from the previous year.
The result also represents a 73 percent decrease from the MOP25.4 billion ($3.14 billion) reported in February 2019, before the pandemic.
The Chinese New Year (CNY) Golden Week (February 10th-17th) falls in February. The number of visitors arriving in Macau during the period reached almost 1.36 million. The average hotel occupancy rate for the period was 95.2 percent.
In an investment memo from UBS, analysts indicate that the encouraging mainland Chinese visitor numbers are associated with Macau developing a new customer base through its events.
Assuming an 80-85 percent mass gross gaming revenue (GGR) mix in total GGR, UBS estimates that the mass GGR per visitor was stable, at MOP5,400 ($670) to MOP5,700 ($707) per visitor, or 115 to 125 percent of the 2019 level.
Meanwhile, the mainland Chinese government announced the expansion of the Individual Visitor Scheme (IVS) to Qingdao and Xi’an. The policy will take effect from March 6th. Citigroup forecasts that 565,000 visitors will go to Macau on an annual basis.
agbrief.com/news/macau/01/03/2024/macaus-february-ggr-reaches-2-29b-down-4-4-from-january/
Macau’s gross gaming revenue (GGR) amounted to MOP18.5 billion ($2.29 billion) in February, reflecting a 4.4 percent decrease from January’s MOP19.3 billion ($2.4 billion) and a 5.2 percent decline compared to the October high of MOP19.5 billion ($2.41 billion).
According to data released by the local regulator, the Gaming Inspection and Coordination Bureau (DICJ), the February tally marked a 79.1 percent increase from the previous year.
The result also represents a 73 percent decrease from the MOP25.4 billion ($3.14 billion) reported in February 2019, before the pandemic.
The Chinese New Year (CNY) Golden Week (February 10th-17th) falls in February. The number of visitors arriving in Macau during the period reached almost 1.36 million. The average hotel occupancy rate for the period was 95.2 percent.
In an investment memo from UBS, analysts indicate that the encouraging mainland Chinese visitor numbers are associated with Macau developing a new customer base through its events.
Assuming an 80-85 percent mass gross gaming revenue (GGR) mix in total GGR, UBS estimates that the mass GGR per visitor was stable, at MOP5,400 ($670) to MOP5,700 ($707) per visitor, or 115 to 125 percent of the 2019 level.
Meanwhile, the mainland Chinese government announced the expansion of the Individual Visitor Scheme (IVS) to Qingdao and Xi’an. The policy will take effect from March 6th. Citigroup forecasts that 565,000 visitors will go to Macau on an annual basis.
