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Bank Of America: Macau's -19.6% Gross Gaming Revenue In November In-line With Expectations

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Shaun Kelley of Bank of America commented in a note on Monday that for the month of November, Gross Gaming Revenue (GGR) at Macau casinos was down 19.6 percent from a year ago to MOP 24 billion, (approximately $3 billion) marking the sixth consecutive monthly year-over-year contraction and the second at double-digit levels.

The analyst does state that November's decline is in-line with expectations as the industry faces several difficulties including China's continuing anti-corruption campaign, mixed macro-indicators, the smoking ban, tough comps and rapid inflation.

As such, Kelley remains cautious on Macau casinos as headline risks remain. The analyst notes that Macau reported its first GDP contraction in five years with a 2.1 percent decline in year-over-year growth in the third quarter. Meanwhile, in Mainland China, November's PMI reading of 50.3 fell short of expectations of 50.5 and declined from a prior reading of 50.8.

 

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Posted-In: Bank of America China Macau PMI Shaun KelleyAnalyst Color News Global

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