[ET Net News Agency, 22 September 2020] Citi Research cited its industry sources saying
that Macau GGR for the first 20 days of September is likely to have reached MOP1.8bn.
The implied daily run-rate for the previous seven days was MOP71m, lower than that of
the previous week at MOP114m/day, and the decline happened despite an improvement in
traffic and a largely normal VIP hold rate.
Citi is concerned that the Mainland Chinese government's recent reiteration of its
intention to prevent cross-border gambling-related fund flows and the proposed
establishment of a "blacklist" against overseas gambling activities have already impacted
junkets' risk appetite.
VIP GGR recovery could come slower than expected as the amount of funds Macau VIP
players could access reduces. Reflecting on the latest GGR trends, Citi lowered its
September GGR forecast to MOP3bn (-86% YoY), from previously MOP3.5bn. (KL)