November GGR hits MOP 18.8 billion, up 14.4 percent

Macau gross gaming revenue came in at MOP 18.8 billion (US$2.4 billion) for the month of November, in line with analyst expectations.

According to the latest official figures released by the Gaming Inspection and Coordination Bureau, the figures showed a rise of 14.4 percent year-on-year, representing the fourth consecutive month of increase, and the best growth rate since Feb 2014.

“November benefited from higher than normal VIP hold rate and stronger than expected VIP volumes. We estimate both VIP and Mass were up in the mid-teens percent range,” said Bernstein in a note following the announcement.

However, analysts at Union Gaming disagree. “While some intra-month commentary attributed November strength to VIP we disagree that VIP is the primary driver of upside and believe it is largely being driven by mass.”

The gaming hub saw accumulated gross gaming revenue for the first 11 months of 2016 at MOP 203.4 billion, down 4.3 percent from the same period last year. The results also mean that Macau has reached its MOP200 billion (US$25 billion) GGR goal for 2016.

Looking ahead, Union Gaming believes December GGR willl continue to see double digit growth. The brokerage estimates December to see a year-on-year growth of 12 percent, or MOP20.5 billion, “buoyed by the favorable calendar and western New Year (with NYE landing on an all-important Saturday).”