Macau casinos: GGR reaches US$1.37bn in first 13 days of October, JP Morgan says

JP Morgan Securities (Asia Pacific) says daily average gross gaming revenue was MOP846m (US$106.78m).

Macau.- Analysts at JP Morgan Securities (Asia Pacific) have estimated that Macau’s gross gaming revenue (GGR) for the first 13 days of October was MOP11.0bn (US$1.37bn). The estimated GGR run rate was MOP846m (US$106.78m) a day.

Analysts DS Kim, Mufan Shi and Selina Li said that, despite a slowdown following the October Golden Week holiday period, last week’s daily run-rate was MOP643m (US$80.33m) per day, up 10 per cent when compared to September (MOP575m) and on par with August.

October’s GGR is expected to reach MOP22bn (US$2.74bn), with a daily run rate of more than MOP700m (US$87.91m). That would surpass previous market prediction of MOP20bn (US$2.49bn) to MOP21bn (US$2.61bn).

Gaming taxes reach US$8.31bn in first 9 months of the year

The Financial Services Bureau has reported that Macau collected MOP66.40bn (US$8.31bn) in taxes from casino operations in the first nine months of the year. The figure was up 45.1 per cent when compared to the same period last year.

In September, the Macau government collected MOP7.62bn (US$952m). That’s a 6.4 per cent rise compared to the preceding month. GGR for the month was MOP17.25bn (US$2.15bn). The figure was up 15.5 per cent year-on-year but down 12.7 per cent compared to the previous month. It was the lowest monthly tally of the year and was also down by 21.8 per cent compared to September 2019, before the Covid-19 pandemic.

According to the 2024 budget plan, the government aims to collect MOP83.61bn (US$10.4bn) in gaming tax this year. In 2023, Macau collected MOP65.26bn (US$8.11bn), surpassing the budgeted amount by 28.3 per cent.