Macau casino GGR to reach US$22.81bn in 2023, analysts say

Analysts at Deutsche Bank predict GGR will be 38 per cent lower than pre-pandemic levels.

Macau.- Analysts at Deutsche Bank predict that Macau’s gross gaming revenue (GGR) for the year will come in at US$22.81bn. That would be a rise of 332 per cent year-on-year but still 38 per cent below pre-pandemic levels in 2019.

Macau’s GGR for October was up 30.6 per cent month-on-month, rising from MOP14.94bn in September to MOP19.50bn (US$2.42bn). Cumulatively, GGR for the first ten months of 2023 was MOP148.44bn (US$18.44bn), up 315.6 per cent compared to the same period in 2022.

Analyst Carlo Santarelli said the sequential improvement surpasses historical trends but noted that this was partially influenced by the impact of a typhoon that suppressed September results. Deutsche Bank anticipates a 10.4 per cent decline in GGR for November, contrasting with an average sequential decline of 11.2 per cent from 2013 to 2019.

However, it expects that Macau will not return to 2019 levels in the next two years. For 2024, analysts estimate that GGR may reach US$25.88bn, up 14 per cent when compared to 2023 but still 29 per cent below 2019. For 2025, analysts forecast a 5 per cent year-on-year increase to US$27.23bn, 26 per cent below 2019 figures.