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GGR in Macau up 14% year on year

Macau’s Gaming Inspection and Coordination Bureau (DICJ) announced that Gross gaming revenue (GGR) in Macau totaled MOP302.85 billion ($37.57 billion) for 2018. GGR increased 16.6% yearly to MOP26.468 billion in December 2018, being the upper limit of the street consensus.

The amount was 14% higher than the MOP265.74 billion ($32.97 billion) posted in 2017. In a note, Union Gaming’s Grant Govertsen said the year’s revenue would have been even higher by as much as 1%, but for three one-time events, namely Typhoon Mangkhut in mid-September, the mid-Autumn festival’s timing, and Chinese President Xi Jinping’s visit during the opening of the Hong Kong-Zhuhai-Macau (HKZM) Bridge last October.

Govertsen said he expected Macau’s GGR growth to be about 4% a month for January and February, as well as for the first quarter. “The mass market remains strong, although our on-the-ground conversations suggested VIP grew nicely during December after a few softer months. As we look into 1Q19, and contemplate the timing of Chinese New Year, we would not be surprised if January was flattish and February was up in the mid/high single digits”.

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