{"id":120749,"date":"2019-11-26T12:24:43","date_gmt":"2019-11-26T20:24:43","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=120749"},"modified":"2019-11-26T12:58:17","modified_gmt":"2019-11-26T20:58:17","slug":"another-firm-joins-the-party-calling-for-weak-q4-macau-results","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/another-firm-joins-the-party-calling-for-weak-q4-macau-results\/","title":{"rendered":"November Rain: Nomura Instinet Says This Will be Worst Month of 2019 For Macau Operators"},"content":{"rendered":"
Analysts are piling on when it comes to gloomy fourth-quarter forecasts for Macau gross gaming revenue (GGR). Today, Nomura Instinet said it expects November will be the worst month of 2019 for turnover in the Asia gambling hub.<\/p>\n
In October, Macau’s six concessionaires posted combined GGR of $3.28 billion, a 3.2 percent year-over-year decline. According to Nomura estimates, things aren’t shaping up to be much better in this month on the peninsula.<\/p>\n
We estimate GGR for the month should settle around MOP22.5-23bn ($2.79 billion to $2.85 billion),\u201d said Nomura Instinet analyst Harry Curtis in a note out today. \u201cThe midpoint of the estimated range implies a 9% YoY decline in November, or ~580bp of sequential deceleration, given a tougher one-year growth com.\u201d<\/p><\/blockquote>\n
If the low end of Curtis’ estimate comes to pass, this month will be the worst month for Macau GGR since the $2.78 billion posted in June 2018.<\/p>\n
Latest Dismal Forecast<\/h2>\n
Instinet is the latest research firm to make bearish comments about the near-term revenue and profit outlook for Macau. Recently, Bernstein analysts trimmed earnings estimates for the six operators on the peninsula, citing sluggishness among VIPs<\/a>.<\/p>\n
That research firm said fourth-quarter Macau GGR could slide seven percent, worse than its prior forecast of a five percent drop, due to a 17 percent plunge in high-end player revenue. For November, Bernstein expects a GGR decline of 10 percent to 13 percent, while Instinet’s outlook for the current month is less bad, calling for a nine percent decrease.<\/p>\n