Macau’s gross gaming revenue is estimated to have reached MOP$5.75 billion (US$718 million) through the first nine days of March, equivalent to MOP$638 million (US$79.7 million) per day, largely in line with estimates according to JP Morgan analysts.
In a Monday note, the investment bank described the month-to-date performance as “encouraging for a shoulder month like March”, implying mass GGR is running at 110%+ of pre-COVID levels and VIP at low-20%.
JP Morgan analysts DS Kim, Selina Li and Mufan Shi continue to expect March GGR will stay flattish year-on-year at around MOP$19 billion, keeping 1Q24 GGR also flat albeit against relatively tough comps.
“We expect GGR growth to accelerate into the latter half of the year on easier comps, resulting in a modest 3% growth for FY2025,” they wrote.
The March update comes with some analysts having recently downgraded their forecasts for Macau’s 2025 GGR due to a slower start to the year than previously anticipated.
