Citigroup raises forecast of Macau’s gaming revenue in Sept, keeps optimism on casinos
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Citigroup raises forecast of Macau’s gaming revenue in Sept, keeps optimism on casinos
STOCKS

Citigroup raises forecast of Macau’s gaming revenue in Sept, keeps optimism on casinos

 

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Macau’s gross gaming revenue (GGR) for the first 25 days of September may have reached MOP2.6 billion, implying a daily run-rate of about MOP150 million, double that of the previous week, said Citigroup in a note, suggesting progressive recovery in visitations in Macau.

The city recorded more than 26,000 inbound visitors on 23 September, marking the highest daily level since the last local COVID-19 outbreak which began in mid-June.

Citigroup predicted the recovery momentum to sustain, and raised the GGR forecast for September from MOP2.75 billion to MOP3 billion.

Macau had announced the Chinese government agreed to resume Macau-bound group tours and e-visas, likely around late October or early November. Citigroup assumed Macau’s casinos to be re-rated, keeping its optimism on the sector.