Post by Blitz on Jun 19, 2024 8:15:52 GMT -5
Macau daily GGR softens amid European Cup: HSBC
By Viviana Chan - June 18, 2024
agbrief.com/news/macau/18/06/2024/macau-daily-ggr-softens-amid-uefa-euro-2024-hsbc/
Macau’s daily run-rate, also known as daily gross gaming revenue (GGR), recorded an 18 percent week-over-week drop, which is believed to be associated with the ongoing European Cup (Euro 2024).
According to HSBC, Macau’s gaming industry generated GGR of MOP9.7 billion ($1.21 billion) in the first 16 days of June. This implies an average daily run rate (ADR) of MOP606 million ($75.6 million) month-to-date, down 7 percent from the May level of MOP651 million ($81.2 million) per day. Last week’s run rate dropped 18 percent sequentially to MOP533 million ($66.5 million) per day.
The brokerage notes that gaming demand may have been diluted by sports betting around the UEFA Euro 2024, which is currently underway.
By segment, VIP volume was down 8 percent month-on-month, while mass was down 6-9 percent month-on-month.
HSBC indicates, that assuming the rest of June generates an ADR of MOP530-610 million per day, the full-month GGR for June would be MOP17.1-18.1 billion ($2.13-2.26 billion), down 10-15 percent month-on-month, or reaching 72-76 percent of the June 2019 level.
June is typically a low season, during which GGR has fallen by 8-16 percent month-on-month previously.
Macau May GGR 2024
Commenting on the recent decision by Macau casinos to end free offerings to non-gamblers, HSBC notes that the free food and beverage offerings appeared to attract younger customers, who theoretically have relatively small gaming budgets, and the new arrangement may have a more pronounced impact on traffic than on GGR.
‘This is also considering that players can still redeem token loyalty points for snacks and drinks, which should help buffer any impact on GGR. That being said, the situation remains fluid, and the final requirements will take time to finalize between the government and operators.’
By Viviana Chan - June 18, 2024
agbrief.com/news/macau/18/06/2024/macau-daily-ggr-softens-amid-uefa-euro-2024-hsbc/
Macau’s daily run-rate, also known as daily gross gaming revenue (GGR), recorded an 18 percent week-over-week drop, which is believed to be associated with the ongoing European Cup (Euro 2024).
According to HSBC, Macau’s gaming industry generated GGR of MOP9.7 billion ($1.21 billion) in the first 16 days of June. This implies an average daily run rate (ADR) of MOP606 million ($75.6 million) month-to-date, down 7 percent from the May level of MOP651 million ($81.2 million) per day. Last week’s run rate dropped 18 percent sequentially to MOP533 million ($66.5 million) per day.
The brokerage notes that gaming demand may have been diluted by sports betting around the UEFA Euro 2024, which is currently underway.
By segment, VIP volume was down 8 percent month-on-month, while mass was down 6-9 percent month-on-month.
HSBC indicates, that assuming the rest of June generates an ADR of MOP530-610 million per day, the full-month GGR for June would be MOP17.1-18.1 billion ($2.13-2.26 billion), down 10-15 percent month-on-month, or reaching 72-76 percent of the June 2019 level.
June is typically a low season, during which GGR has fallen by 8-16 percent month-on-month previously.
Macau May GGR 2024
Commenting on the recent decision by Macau casinos to end free offerings to non-gamblers, HSBC notes that the free food and beverage offerings appeared to attract younger customers, who theoretically have relatively small gaming budgets, and the new arrangement may have a more pronounced impact on traffic than on GGR.
‘This is also considering that players can still redeem token loyalty points for snacks and drinks, which should help buffer any impact on GGR. That being said, the situation remains fluid, and the final requirements will take time to finalize between the government and operators.’