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Macau’s gross gaming revenue slowed slightly since September, similar to the seasonal performance prior to previous National Day holiday, and casino operators are optimistic about demand for travel and gaming in the upcoming holiday, especially as the Mid-Autumn Festival is linked to the National Day holiday this year, giving an 8-day beak, one day more than usual, Goldman Sachs said in a note.
Hotel bookings and prices have risen from 2 – 3 weeks ago, with Galaxy Entertainment and MGM China saying more than 90% of rooms are fully booked for the holiday, it said.
Galaxy is expected to regain some market share in the third quarter, following a rise in occupancy at its hotels and the soft opening of Raffle Tower at Galaxy Macau Phase 3 in July; MGM China’s market share fell to 14% in August from 14.7% in the second quarter, but was steady month on month; and the market share of SJM Holdings Lisboa Palace is set to rise to more than 2% from 1.6% in the second quarter, with positive EBITDA from July to August, Goldman said.
Despite China’s economic slowdown, Macau’s casino operators still expected further growth in GGR, benefiting from a recovery in non-Guangdong tourists and targeting a customer base less sensitive to the economic environment, it said, adding that most of the operators are not yet in a position to resume dividend payments in the near term due to debt covenants.