Macau’s casinos generated gross gaming revenue of MOP$628 million (US$77.9 million) per day over the past week, showing “no sign of slowdown” due to “underlying demand” according to JP Morgan analysts.
In a Monday note, the investment bank said Macau’s GGR for the first 24 days of Macau was tracking at MOP$14.9 billion (US$1.85 billion) based on its channel checks, implying a daily run-rate of MOP$621 million (US$77.0 million). This, the analysts added, was only 1% to 2% lower than the MOP$630 million (US$78.2 million) per day average through the first two months of 2024, “a tad better than historical trend of -4% month-on-month” in March.
At this rate, mass GGR is running at around 110% of pre-COVID levels versus a 104% rate in 4Q23, while VIP GGR remains stagnant in the mid-20% recovery range.
JP Morgan’s DS Kim, Mufan Shi and Selina Li expect March GGR to come in at around MOP$19 billion (US$2.36 billion), pushing 1Q24 GGR up by around 5% over the December quarter and ensuring another post-pandemic high.
