Macau GGR at US$894mln in first 13 days of Aug: JP Morgan

Aug 15, 2023 Newsdesk Latest News, Macau, Top of the deck  

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Market-wide casino gross gaming revenue (GGR) in Macau reached MOP7.20 billion (US$894.1 million) in the first 13 days of August, or a daily run-rate of MOP553 million, according to estimates from JP Morgan Securities (Asia Pacific) Ltd.

“This implies last week’s GGR edged up nicely 7 percent week-on-week to MOP570 million-plus per day, versus circa MOP530 million in the past few weeks, reflecting seasonality and subsiding impact from the bad weather” that had affected Macau recently, stated the brokerage in a Monday note.

“More importantly, the print suggests mass GGR is run-rating at 90 percent to 95 percent of the pre-Covid-19 level,” wrote analysts DS Kim, Mufan Shi and Selina Li. “We continue to expect it to ramp up to 100-percent-plus recovery by October.”

Macau recorded casino GGR of MOP16.66 billion in July, up 9.6 percent from June, according to an announcement from the local regulator, the Gaming Inspection and Coordination Bureau. It was the best monthly performance since January 2020, at the very beginning of the Covid-19 pandemic, when GGR stood at MOP22.13 billion.

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