According to Wells Fargo
April casino revenue to grow up to 15 % in Macau
2013-05-02
Reading time 39 seg
(Macau).- Investment bank Wells Fargo continues to estimate Macau gaming revenue growth between 13 and 15 % year-on-year in April. “With just two days remaining in the month, our 13 % estimate assumes average daily revenue of us$ 118 million for the remainder of the month, in line with April’s current average daily revenue run rate,” analyst Cameron McKnight wrote in a note.
“Our 15 % estimate is based on average daily revenue of MOP1.2 billion for the remainder of the month, which assumes increased play during the traditionally strong May 1 Golden Week holiday. Our checks suggest hotel occupancy for the holiday is high,” he says.
Wells Fargo believes concerns over avian influenza and recent uneven economic data are overdone. The investment bank continues to expect above-consensus 2013 Macau gaming revenue growth of 16 percent year-on-year.
Bank of America’s Merrill Lynch also revised upward its 2013 Macau gross gaming revenue growth forecast to 14.5 % from 10.4 %, due to the strong trend in the first quarter.
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