Macau casino GGR US$348mln for Nov 1 to 5: JP Morgan

Nov 06, 2023 Newsdesk Latest News, Macau, Top of the deck  

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Macau’s casino gross gaming revenue (GGR) for the first five days of November was estimated at MOP2.8 billion (US$347.6 million), or circa MOP560 million a day, said JP Morgan Securities (Asia Pacific) Ltd in a Monday memo, citing its industry checks.

“This is a pretty good print to be in-line with summer holiday levels (e.g., MOP555 million a day in August), especially considering the soft seasonality of the month,” wrote analysts DS Kim, Mufan Shi and Selina Li.

“While we wouldn’t read too much into weekly/short-term trends, this does compare favourably against market expectations, as both JP Morgan estimates/consensus are located at MOP530 million to MOP540 million a day run-rate (i.e., MOP16 billion for full-month),” they added.

According to the institution, the estimate for the first five days of November “indicates mass GGR is running comfortably at 100-percent-plus of pre-Covid levels … while VIP demand remains at around 23 to 25 percent levels”.

In October, Macau GGR rose by 30.6 percent month-on-month, at just over MOP19.50 billion, which was the best monthly performance since January 2020.

Another institution, Morgan Stanley Asia Ltd, suggested in a recent note that the city’s November casino GGR could get a lift from the Macau Grand Prix motor racing meetings, and the concerts by Irish pop ensemble Westlife.

Morgan Stanley forecasts market-wide November GGR to be MOP16.9 billion, or about MOP564 million per day.

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