Citi: Macau's July gaming revenue underperformed expectations due to the impact of the typhoon, with a forecasted year-on-year increase of 6% in August.
Citibank predicts that Macau's gaming revenue in August could rebound to 23.5 billion Macau patacas (approximately 758 million patacas per day), a year-on-year increase of 6%.
Citigroup released a research report stating that Macau's gross gaming revenue (GGR) in July was 20.26 billion Macau patacas (approximately 654 million Macau patacas per day), a year-on-year drop of 8%, recovering to about 83% of the level in July 2019, which is lower than the bank's expectation of 21 billion Macau patacas and the market's expectation of 20.8 billion Macau patacas. Citigroup believes that the shortfall is mainly attributed to the impact of Typhoon "Hato," which hit the Hong Kong and Macau regions from July 26 to 27. The average daily gaming revenue in the last 12 days of July implied an operating rate of approximately 684 million Macau patacas, and the bank believes that without the typhoon, it would have exceeded 700 million Macau patacas. Looking ahead to August, there are large concerts scheduled almost every weekend in Macau. Citigroup predicts that Macau's gaming revenue in August could rebound to 23.5 billion Macau patacas (approximately 758 million Macau patacas per day), representing a year-on-year increase of 6%.
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