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00880 SJM HOLDINGS
RTNominal down8.420 -0.070 (-0.824%)
Research Report

20/10/2020 17:49

{I-bank focus}Macau's latest GGR update modestly positive

[ET Net News Agency, 20 October 2020] Jefferies Research said Macau gaming industry's
GGR sequentially improved to MOP200m/day for the week of 18 October. This was higher than
MOP163m/day in the four days after Golden Week but the sequential improvement is in line
with the 2019 trend due to (1) higher-quality traffic despite seasonally weaker visitation
post the holidays and (2) VIP win-rate improving to normalized 2.6%-2.8% from 2.5%-2.7%
post-Golden Week.
Mass and VIP were 72%-74% and 80% lower.
Month-to-date MOP222m/day GGR remains 75-77% lower. Assuming at the MOP200m/day remains
for the rest of the month, October GGR would be 75% lower at MOP6.6bn. This is equivalent
to MOP213m/day, and below operators' breakeven MOP235-314m/day range.
Jefferies expects 4Q to bring further losses with the pace of recovery expected to
remain gradual due to the inconvenient IVS (Individual Visit Scheme) process and junket
liquidity. The next key data point LVS 3Q results after the New York market close on 21
October. (KL)

Remark: Real time quote last updated: 15/01/2021 17:59
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