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00200 MELCO INT'L DEV
RTNominal down5.000 -0.100 (-1.961%)
Research Report

26/11/2019 10:39

{I-bank focus}Jefferies sees Macau Nov GGR down 9-10%

[ET Net News Agency, 26 November 2019] Jefferies Research cited its sources estimating
that November GGR in Macau as of 24 November to be MOP742m per day. By segment, VIP daily
volume was down 30-32%, while VIP luck factor was around 3.3%, abnormally high.
For mass, GGR was up 5-7%, but the research house noted that escalated tension in Hong
Kong has caused significant trip cancelations. Its sources estimated November GGR to be
MOP22.3bn-22.6bn, or down 9-10%.
Jefferies prefers Wynn Resorts and Sands China (01928). Although Wynn Macau (01128)
looks more attractive based on valuation, 3Q margins disappointed hence Jefferies waits to
see if margins will approve during the next quarter. (KL)

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