March revenues likely to reach MOP30 billion

2013-3-13

From：Macau Business

Macau’s casinos are expected to deliver up to MOP30 billion (US$3.75 billion) in gross gaming revenues in March, analysts say.

Japanese brokerage house Nomura cited its sources noting that the first 10 days in March delivered MOP10.95 billion in gaming revenue, which implied a month-to-date run rate of MOP1.1 billion/day, Bloomberg reports.

The research house noted that the figures were likely boosted by the inclusion of two weekends. A favourable win rate may have also played a role.

Nomura thinks the momentum could normalise into the latter half of the month, similar to the trend in January, as the mass market has been tracking quite strongly up to this point in March.

The 10-day figure, taking into account some degree of normalisation, suggests that March will report an increase of plus 16-20 percent year-on-year, the house estimated.

Citigroup also lifted its gross gaming revenue forecast to MOP30 billion from MOP28 billion based on approximately MOP10.7 billion in the first 10 days, analyst Anil Daswani wrote in a note.

Kenneth Fong of J.P. Morgan in Hong Kong also wrote in a note to clients that March should end at around MOP29.4 billion, or 18 percent year-on-year growth.

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