Macau’s casino concessionaires achieved an all-time high in mass market gross gaming revenues in Q4, equivalent to 105% of 2019 levels according to investment bank JP Morgan.
In a Monday note following publication of Macau’s December 2023 and FY23 GGR results, JP Morgan analysts DS Kim, Mufan Shi and Selina Li said mass GGR appears to have increased by between 12% and 13% quarter-on-quarter in 4Q23 to print an all-time high of MOP$48.6 billion (US$6.03 billion).
This, they added, is “impressive given well-documented macro headwinds from China.”
VIP GGR is believed to have declined by 3% to 4% quarter-on-quarter to remain at around 20% of pre-COVID levels.
The analysts also observed that December represented the first time since the pandemic that overall GGR had reached 80% of pre-COVID levels, having previously recovered to between 70% and 75% in recent months. Mass GGR in December is believed to have reached 110% of 2019 levels.
With 4Q23 results season due to start in late January, JP Morgan is tipping Macau industry-wide EBITDA to grow 10%+ quarter-on-quarter to hit 85% of pre-COVID levels.
