September 11, 2024 – 5:42 PM
Macau casinos’ first week of September revenues hold up despite Typhoon Yagi.
Written by Mc
I Macau Casino Gross Gaming Revenue (GGR) in the first eight days of September are estimated at MOP 4.75 billion (US$ 591.4 million), a daily execution rate of about MOP 594 million. It states Citigroup, ibanking institution according to which “although Typhoon Yagi caused some disruption from Thursday, September 5 to Friday of last week, the impact was much less than Typhoon Saola, a direct-hit typhoon that led to the temporary closure of casinos during the first weekend of September last year.”
Typhoon Yagi saw air, sea and land transport serving Macau – as well as some non-gaming services at casino resorts – temporarily suspended, coinciding with Typhoon Signal No. 8 being raised in the city at 10pm on September 5 and in effect until 2pm the following day.
Macau casinos’ daily Ggr rate for the first eight days of this month is was about 6 percent lower than in the last 13 days of Augustwhich amounted to about MOP635 million, Citi analyst George Choi noted in the note.
“Based on industry sources, VIP volumes decreased 7 to 10 percent month-over-month and mass volumes decreased 5 to 8 percent month-over-month,” the statement said.
Citigroup has cut its estimate for Macau’s September casino GGR from MOP18.5 billion to MOP18.25 billion. The latter count, if realized, would represent a year-on-year growth of 22 percent and would also be equivalent to about 83 percent of the same month in 2019.
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Macau Casinos Defy Expectations with Steady Revenues Despite Typhoon Yagi
In a surprising turn of events, Macau casinos have reported a daily gross gaming revenue (GGR) of approximately MOP 594 million (US$ 74 million) for the first eight days of September, defying expectations of a significant decline due to Typhoon Yagi. This translates to a total GGR of MOP 4.75 billion (US$ 591.4 million) for the period.
According to Citigroup, the impact of Typhoon Yagi, which caused disruptions from September 5 to 6, was much less severe than that of Typhoon Saola, which led to the temporary closure of casinos during the first weekend of September last year [[3]]. Despite the typhoon, air, sea, and land transport serving Macau, as well as some non-gaming services at casino resorts, were only temporarily suspended.
Notably, the daily GGR rate for the first eight days of September was about 6% lower than in the last 13 days of August, which saw a daily G
Macau Casinos Show Resilience: Revenues Hold Up Despite Typhoon Yagi
The gambling hub of Macau has once again demonstrated its strength, with casinos reporting impressive revenues in the face of adversity. Despite the disruption caused by Typhoon Yagi, Macau’s casinos have managed to hold up their revenue, with the first eight days of September seeing an estimated MOP 4.75 billion (US$ 591.4 million) in gross gaming revenue (GGR).
According to Citigroup, a prominent banking institution, Macau’s casinos have shown remarkable resilience in the face of the typhoon, with a daily execution rate of about MOP 594 million [[1]]. This is a testament to the sector’s ability to bounce back from challenging circumstances, a trait that has been evident in recent months.
In fact, Macau’s casino industry has been on a recovery path since the COVID-19 pandemic, with gross revenue from gaming and gambling in Macao reaching around 183.7 billion Macau patacas in 2023 [[1]]. This significant growth is a result of the sector’s efforts to revamp its offerings and attract high-value customers.
MGM China, in particular, has been a major beneficiary of Macau’s recovery, with its gross gaming revenue share rising from 9.5% in 2019 to more than 17% this year [[3]]. The company’s strategic efforts to lure premium customers have paid off, with its casinos reporting impressive revenue growth.
However, it’s not all smooth sailing for Macau’s casinos. In June, gaming revenue slipped
