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.”
Oct 01, 2023Macau’s September casino gross gaming revenue (GGR) fell by 13.2 percent month-on-month, to MOP14.94 billion (US$1.85 billion), according to a Sunday announcement from the local regulator, the...
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