Macau daily GGR US$89mln for May 1 to 12: JP Morgan

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

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Macau’s casino gross gaming revenue (GGR) daily run-rate stood at MOP716.0 million (US$89.0 million) for the first 12 days of May, said JP Morgan Securities (Asia Pacific) Ltd in a Monday memo, citing its own industry checks.

Such GGR reached MOP8.6 billion in the May 1 to 12 period, suggesting a “post-holiday slowdown, as somewhat expected,” wrote analysts DS Kim, Mufan Shi and Selina Li.

“This implies last week’s run rate has slowed to MOP578 million a day from MOP910 million during the May Golden Week, or 6-percent below April’s (MOP618 million); a bit weaker than what we would have liked to see, but within the expectations range given a post-holiday slowdown,” stated the JP Morgan team.

The so-called May Golden Week refers to the five days of mainland China’s Labour Day holiday season starting on May 1.

Macau had an aggregate of 604,395 visitor arrivals between May 1 and May 5 inclusive. The city’s average hotel occupancy rate was 89.2 percent across the period, according to official data.

JP Morgan said in a note last week that the May Golden Week “was surprisingly golden” in terms of casino GGR. According to the brokerage, GGR for the first five days of May was MOP4.55 billion.

In Monday’s note, the institution’s analysts said: “We keep our May GGR forecast at MOP19.5 billion to MOP20.0 billion, implying a 75-percent recovery versus pre-Covid.”

Another brokerage, CLSA Ltd said in a note last week that Macau’s May casino GGR could achieve circa 6 percent growth month-on-month, at MOP19.7 billion.

April GGR was just under MOP18.55 billion, which itself had been down 4.9 percent from Marc

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