Komo: Gambling revenue on the first four days of Macau's National Day Golden Week fell 5% to 7% year on year, slightly lower than expected

The Zhitong Finance App learned that J.P. Morgan Chase released a research report saying that according to the bank's inspection, Macau's gaming revenue is expected to reach about MOP 4.1 billion from October 1 to 4, or an average of about MOP 1,025 billion per day, down 5% to 7% year on year. Compared with the bank's forecast for the 11th National Day Golden Week and October, overall gambling revenue fell 5% year on year, which is slightly lower than expected.

Motong said that currently there is only 4 days of data, making it difficult to comprehensively evaluate industry trends or customer source quality, but the current feedback from gaming operators is relatively poor. The bank currently maintains the forecast that gambling revenue for October will fall by about 5% year on year, compared to a 1% drop in September, and indicates that market expectations may still be lowered. Investors should carefully interpret this year's Golden Week data. Demand is currently unclear due to comparable days and base effects; visitors to Golden Week have increased by about 11% year on year so far, but the number of visitors has always been less correlated with gambling revenue.

In the absence of a clear positive catalyst, Motong maintained a prudent and selective strategy for Hao Gaming shares. The preferred stock was still Bank Entertainment (00027), which gave it an “increase” rating; followed by preference for Wynn Macau (01128) and Sands China (01928), which also gave it an “increase in weight” rating. The bank rated MGM China (02282) and Melco Entertainment (MLCO.US) as “neutral”, and gave “reduced” ratings to Australian Expo (00880) and Macau International (00200).