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00880 SJM HOLDINGS
RTNominal down8.730 -0.130 (-1.467%)
Research Report

09/10/2020 14:41

{I-bank focus}Macau's Golden week GGR in line - UBS

[ET Net News Agency, 9 October 2020] UBS Global Research cited its channel checks
indicating that GGR during the first seven days of October was around MOP2bn, or ADR of
MOP290m/day, down 75% YoY.
The research house said GGR recovery appears to be faster than visitor recovery, with
the total number of visitors for the first seven days of Golden Week at 139k (19.9k/day),
a decline of 86% YoY.
Despite the resumption of IVS (Individual Visit Scheme) nationally on 23 September, most
non-Guangdong visitors wouldn't have visited Macau during Golden Week due to lead times
for visas. UBS expects non-Guangdong visitors to return from mid-October, as visa
application processing resumes after Golden Week.
The research house expects the current status quo in terms of border policies could last
for 1-2 months, before the authorities would consider further opening up, depending on the
COVID situation.
UBS is currently neutral on the Macau gaming sector, with top picks being Sands China
(01928) and MLCO. (KL)

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