January GGR growth in Macau expected to reach 16 to 19 percent year-on-year, however, the pre-CNY slowdown may affect estimates, said Bernstein in a Monday note.
Reporting on weekly GGR numbers, the brokerage said Macau raked in MOP 3.52 billion for the first week of February (Feb 1-4), with an average daily rate of MOP 880 million.
Bernstein however said that the week should not be taken as guidance for the rest of the month.
“The first 4 days capture a full weekend, while the upcoming week will incorporate a generally slower pre-CNY holiday period,” it explained.
Assuming GGR ADR of MOP 960 – 990 million ($118.9 – $122.6 million) for the remainder of the month, the brokerage estimates February GGR to be between MOP26.6 and 27.3 billion, with an estimated year-on-year increase in February of 16 to 19 percent.
“However, the magnitude of the pre-CNY slowdown and the volatility in hold rate may skew these numbers,” said Bernstein.