Deutsche Bank lowers Macau GGR forecast

Deutsche Bank’s predictions put GGR for Q2 at 39 per cent below 2019 levels.

Macau.- Deutsche Bank has slightly lowered its estimate for Macau’s GGR this year to $21.47bn. That would be up 307 per cent yearly, but 41 per cent lower than 2019. That’s a start contrast with the Macau government’s budgetary predictions for 2023, which anticipated GGR of MOP$130bn (US$16bn).

Deutsche Bank has forecast US$5.56bn in gross gaming revenue (GGR) for the second quarter of 2023. That would be up 423 per cent year-on-year but still 39 per cent below 2019.

In May, Macau’s gaming industry generated MOP15.57bn (US$1.93bn) in GGR. The figure was up 5.7 per cent when compared to April and up 365.9 per cent from May 2022. The results were the best since January 2020, before the start of the Covid-19 pandemic.

May was the third consecutive month in which sales increased sequentially. Accumulated GGR for the first five months of the year was MOP64.93bn (US$9.71bn), a 172.9 per cent yearly increase.

However, according to Asian Gaming Brief, analyst Carlo Santarelli has identified indications of deceleration. May’s GGR figures showed a 2.3 per cent daily improvement compared to April when the historical average increase from 2012 to 2019 is of +3.3 per cent. Deutsche Bank has predicted that Macau’s gaming industry will not fully recover to 2019 levels until 2024.