Delaying their trips? The first 22days of October yielded MOP18.8bn in gross gamingrevenue (GGR). This implies an average daily run rate (ADR) of MOP714m/day for thepast week, compared with MOP757m/day the week immediately after Golden Week andMOP550m/day for the same period last year. Despite m-t-d win rate normalized to 3.2-3.3% last week vs 3.4-3.6% the week before, we observed that VIP (+25% y-o-y) growthstayed strong and continued to outpace mass (+5-6% y-o-y) growth. We could be seeingVIPs delaying their trips given the timing of the 19th People Congress in China. Byoperators, MGM and Galaxy seemed to have gained shares from Sands and SJM.    October to track +13% to +16% y-o-y: With only one more weekend to go, we maintainour full-month forecasts at MOP24.7-25.3bn, translating into an ADR of MOP660-720m/day for the rest of the month.

声明：如本站内容不慎侵犯了您的权益，请联系邮箱：wangshiyuan@epins.cn 我们将迅速删除。