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<Research>Citi Lifts MO Aug GGR Forecast to MOP21.5B
Recommend 6 Positive 18 Negative 6 |
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According to a research report from Citi, Macau's GGR in July rose by 19% YoY to MOP22.125 billion, suggesting an average daily GGR of around MOP714 million, a level back to 90% of the same period in 2019, beating both the broker's and the market's expectations of MOP21 billion by 5%, the fourth consecutive month of surpassing expectations. More importantly, Macau's GGR has achieved nearly 20% YoY growth for a back-to-back month, reflecting the industry's strong resilience. Looking ahead to August, singer Eason Chan will hold a concert at the Galaxy Arena. Referring to the positive impact brought by Jacky Cheung's concerts from June to July, Citi has accordingly raised its forecast for Macau's August GGR from MOP20 billion to MOP21.5 billion, representing a 9% YoY increase and a daily average of MOP694 million. This forecast has already taken into account the possibility of lower per capita spending by tourists during the traditional peak travel season and the higher base from the same period last year. AAStocks Financial News |
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