Macau’s gross gaming revenue for the first 10 days of March came in at MOP$6.1 billion (US$757 million) or MOP$610 million (US$75.7 million) per day, just 3% lower than the average MOP$630 million (US$78.2 million) per day recorded through the first two months of the year, according to investment bank JP Morgan.
In a note, analysts DS Kim, Mufan Shi and Selina Li said the daily run-rate was in-line with historical trends which show a 4% decline in March, suggesting that demand remained resilient post-Chinese New Year.
They also stated that the lower than expected February GGR of MOP$18.5 billion (US$2.3 billion) was therefore most likely due to luck and unnecessarily elevated market expectations, rather than a sharper-than-usual slowdown in demand after the holiday.
The analysts said they estimate mass GGR from 1 to 10 March is running at 110% of pre-COVID levels – also in-line with the first two months of 2024 but improved on the 104% of pre-COVID levels in 4Q23. VIP appears to be stable at 20% of pre-COVID levels, they added.
