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September GGR up 21% YoY but visitation softer to start October – cheap package tour ban?

  • September GGR finishes up 21% YoY.  Our October estimate remains at +20-25% growth but is subject to change until we see the detail behind September’s growth and how Golden Week finishes up this weekend.
  • One tiny note of caution:  September finished with a flurry (start of the Golden Week celebration) as seen by the visitation statistics in the chart below.  However, October total visitation is just flat through the first two days (Tue/Wed vs Mon/Tue).  A ban on cheap package tours (effective October 1) could be the culprit in which case low end Mass revenue would only be mildly impacted.
  • This coming weekend will round out Golden Week and give us a better feel for the overall success of the big holiday.

MACAU: BIG FINISH TO SEPT BUT… - golden