Macau’s gross gaming revenues are on track to reach around MOP$9.5 billion (US$1.17 billion) for the month of February as the daily run-rate remains stable, according to investment bank JP Morgan.
In his weekly GGR update, JP Morgan analyst DS Kim said channel checks show gaming revenue for the first 12 days of February at MOP$4.4 billion (US$544 million) – implying a daily run-rate of MOP$367 million (US$45 million).
While it also suggests GGR for the past week fell slightly to MOP$357 million (US$44 million) per day, this “is quite solid if we consider softer seasonality during the lull period after the Lunar New Year (LNY) holidays.”
Given such stability, February GGR is likely to reach MOP$9.5 billion, down from January’s three-year high of MOP$11.58 billion (US$1.43 billion) but still strong given February is a shorter month and January benefited from Chinese New Year.
The month to date print represents a recovery to between 40% and 45% of pre-COVID levels with mass GGR between 60% and 70%, Kim said – enough for most operators to be printing positive free cash flow.
