[ET Net News Agency, 3 February 2020] Goldman Sachs said Macau's gross gaming revenue
(GGR) fell 11% to MOP22.1bn in January, implying a daily run rate of MOP593mn over 20-31
January, a significant deterioration from MOP790mn/day over 1-19 January.
The research house said its channel checks suggest selective junkets' rolling volume
fell mid-20% in January. Comparing this with -10% to -15% declines in the first half of
the month, Goldman estimated their volume dropped over -30% to -35% in the past 2-3 weeks,
not only due to the outbreak of coronavirus but also distorted by the typical pre-CNY
weakness on different timing of CNY holidays this year.
Goldman lowered its FY2020 GGR growth forecast from +9% to -9% (VIP: -10%, mass-market:
-8%) by assuming (1) the current situation will last for another 3-4 months and improve
gradually towards the end of 2Q (similar to the timeline for SARS), during which period
GGR would be impacted by 30-40%; (2) 10-20% incremental growth from pent-up demand in the
subsequent 1-2 quarters. (KL)
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01128 WYNN MACAU
Nominal 
7.570 +0.130 (+1.747%) Research Report
03/02/2020 14:59
{I-bank focus}Goldman sees Macau 2020 GGR decline of 9%
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