Macau casino GGR at US$398mln in first 6 days of Aug: JPM

Aug 07, 2023 Newsdesk Latest News, Macau, Top of the deck  

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Macau’s casino gross gaming revenue (GGR) is estimated to have reached MOP3.2 billion (US$398 million) in the first six days of August, or MOP533 million a day during that period, which appears “flattish” when compared with the average daily GGR of MOP537 million in July, suggested JP Morgan Securities (Asia Pacific) Ltd in a Monday memo.

“While it’s tough to draw any meaningful trends from six-day data, this implies mass GGR is comfortably tracking at 90-percent-plus of the pre-Covid level; we continue to expect it to ramp up to 100-percent-plus recovery by October,” wrote JP Morgan’s analysts DS Kim and Mufan Shi.

Macau’s casino GGR had probably already recovered in July to “100 percent-plus” of 2019-level in terms of the premium mass segment, JP Morgan Securities suggested in a previous memo, following the Macau government’s release of the July GGR figure.

With the July performance – which tallied MOP16.66 billion for the full month – JP Morgan suggested that the overall mass segment had recovered to 92 percent to 93 percent of pre-Covid level, versus 87 percent to 88 percent in the second quarter this year.

The institution currently estimates Macau’s GGR generated in the mass-market segment to reach 95 percent of 2019 levels by the third quarter this year, and to 104 percent of pre-pandemic levels in the fourth quarter, the Monday memo noted.

That would put Macau-wide full-year 2023 GGR generated in the mass segment at an estimated MOP158.1 billion, and the overall GGR at MOP184.2 billion.

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