Macau daily Aug GGR still improving vs July: JP Morgan

Aug 13, 2024 Newsdesk Latest News, Macau, Top of the deck  

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Macau’s casino gross gaming revenue (GGR) is estimated to have reached circa MOP7.1 billion (US$884.4 million) in the first 11 days of August, a daily run rate of about MOP645 million, said JP Morgan Securities (Asia Pacific) Ltd in a Monday memo, citing its own checks.

“This implies the last week’s run-rate continued to improve sequentially to MOP657 million a day, to reflect – relatively – solid mass demand into the summer holidays, meaningfully above the MOP590 million to MOP600 million daily run-rates in June/July,” wrote analysts DS Kim, Mufan Shi, and Selina Li.

The analysts suggested that, month-to-date by segment, it estimated “mass GGR is at circa 110 percent of the pre-Covid level, while VIP is around low to mid-20s-percent.”

The institution said it was keeping its August casino GGR forecast for Macau at “around MOP19 billion to MOP19.5 billion,” or “MOP610 million to MOP630 million a day”.

It said the forecast “could turn out to be a tad conservative if the current weekly run-rates sustain towards the month-end”.

Macau’s July casino GGR rose 5.1-percent month-on-month to just under MOP18.60 billion. The July GGR result had been described by a number of investment analysts as “weak” relative to market expectations, as they had observed was likely the daily run-date had slowed at the end of that month.

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