Macau June GGR likely about US$1.9bln: JP Morgan

Jun 27, 2023 Newsdesk Latest News, Macau, Top of the deck  

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Macau-wide casino gross gaming revenue (GGR) in June is likely to be “flattish” relative to May’s MOP15.57 billion (currently US$1.93 billion), says a Monday note from financial institution JP Morgan Chase & Co.

“After an impressive May, Macau GGR for the first 18 days of June was approximately MOP527 million per day, derisking fears of seasonal weakness,” stated the banking group’s United States-based gaming and lodging analysts Joe Greff and Ryan Lambert.

A “flattish” month-on-month result for June would represent circa “65 percent” of June 2019 GGR levels, said the note.

The bank also said a June GGR result similar to May’s would put second-quarter Macau GGR at about 62 percent of the pre-pandemic result in second quarter 2019, and “more importantly”, mean mass play this quarter would be 85 percent of pre-pandemic performance.

“In the context of historical June-May sequential seasonality, we view this as a positive since the long-term monthly sequential change from May into June averaged a 14-percent decline (from 2007 through 2022, excluding 2020),” noted the institution.

It added: “Maintaining May’s absolute GGR level into June (no sequential decline) is indicative of improving GGR and, importantly, visitation trends, which typically drive base mass volumes.”

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