May 02, 2024 Newsdesk Latest News, Macau, Top of the deck  
Macau’s casino gross gaming revenue (GGR) in April was ahead of market expectation, and beat historical trends, according to several analysts. April GGR fell by 4.9 percent month-on-month to just under MOP18.55 billion (US$2.30 billion), according to official data. The result was up 26.0 percent from a year earlier.
April’s GGR result represents a 1.7-percent decline in average daily revenue relative to March, observed Deutsche Bank Securities Inc.
“The 1.7-percent sequential contraction per day was better than historical trends, as the average sequential decline in April, relative to March, over the 2013 to 2019 period, was -4.1 percent,” said analyst Carlo Santarelli in a Wednesday note after the announcement of Macau’s April GGR.
Investment bank JP Morgan said in a Wednesday note that April’s tally “wasn’t too bad after all, with better-than-feared GGR”.
“GGR grew +26 percent year-on-year to MOP18.5 billion in April, implying a daily run-rate of MOP618 million and a 79 percent recovery versus pre-Covid, above the 75 percent recovery rate in fourth-quarter 2023 and first-quarter 2024,” wrote analysts DS Kim, Mufan Shi and Selina Li.
The JP Morgan team said that as per its estimates, Macau’s mass-market GGR in April “recovered to 110-percent plus of pre-Covid levels, implying about 90 percent/130 percent recovery rates for grind/premium mass, respectively”.
“There was little change on the VIP side, still hovering at around mid-20-percents of recovery,” added the analysts.
Post the release of the April market tally, Deutsche Bank said it forecast May GGR in Macau to reach just under US$2.45 billion, which would represent a “monthly sequential per day increase of 2.0 percent,” versus “the 2.6 percent… sequential per-day improvement” seen on average for the month of May.
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