Macau’s gross gaming revenues are estimated to have reached MOP$13 billion (US$1.61 billion) for the first 21 days of January, translating to a daily run-rate of MOP$619 million (US$76.8 million) per day – up from MOP$599 million (US$74.4 million) per day in December, according to JP Morgan.
The investment bank also stated in a Monday note that the past seven days saw an estimated run-rate of MOP$628 million (US$78.0 million) per day, suggesting continued acceleration since the turn of the year and defying expectations that revenues would soften ahead of the Chinese New Year holiday.
Based on this, mass GGR is running at close to 110% of pre-COVID levels, with VIP still lingering at around 20%.
JP Morgan analysts DS Kim, Mufan Shi and Selina Li said they still anticipate GGR will slow down next week on seasonality but maintain their January GGR forecast of between MOP$17.5 billion and MOP$18 billion (US$2.17 billion and US$2.23 billion).
Macau’s DICJ previously reported GGR of MOP$18.57 billion (US$2.30 billion) in December, the second highest monthly revenue tally of 2023.
Meanwhile, the analysts expect Macau industry-wide EBITDA to have grown by 8% to 9% quarter-on-quarter to hit ~85% of pre-COVID levels, with Sands China parent Las Vegas Sands due to kick-off earnings season this Thursday.
