UBS released a research report indicating that Macau's average daily gaming revenue over the past 7 days was approximately MOP 693 million, remaining largely stable compared to the prior 7-day period's figure of around MOP 700 million. This brings the average daily gaming revenue since the beginning of the month to about MOP 712 million, representing a year-on-year increase of roughly 21% and a month-on-month rise of about 6%. This growth rate surpasses the average 2% increase recorded during the same period from 2015 to 2019. Breaking down the figures, both mass market daily gaming revenue and VIP rolling chip volume grew by 6% to 8% month-on-month, while the VIP win rate ranged between 2.4% and 2.7%. Market expectations for January's average daily gaming revenue stand at around MOP 677 million, implying that the daily revenue for the remaining 6 days of the month only needs to reach approximately MOP 532 million. Regarding the upcoming Lunar New Year holiday, 27 out of the 32 hotels tracked by the bank have shown that rooms are sold out, a situation broadly similar to the same period last year. The bank maintains GALAXY ENT (00027) and WYNN MACAU (01128) as its top picks in the sector, with target prices of HK$46.9 and HK$8.9 respectively, and assigns a "Buy" rating to both.
Comments