Macau's gross gaming revenue jumped 17.6% to MOP30.7b

Here's why it's a huge feat.

According to Maybank Kim Eng,  Macau’s gross gaming revenue (GGR) in August was MOP30.7b, up 17.6% YoY and 4.2% MoM. This is the second highest GGR figure ever recorded.

Here's more:

Implication: GGR is largely in-line with our forecast of MOP30.9b, as we witnessed a marginal slowdown in the average daily run rates approaching the end of August, to just shy of MOP1b per day.

Concerns of a slowdown in the VIP segment’s growth have also seemingly diminished, along with strong double digit YoY growth recorded in the last three months.

Action: Remain Overweight on the Macau gaming sector with strong GGR growth driven by robust visitation growth as well as an improvement to overall infrastructure. Our top Buy of the sector is Melco International Development (200 HK, Buy, TP:HKD20.80).