Macau casinos: GGR to reach US$2.12bn in September, analysts say
Citigroup says GGR for the first 15 days of the month stood at MOP8.5bn (US$1.06bn).
Macau.- Analysts at J.P. Morgan have forecast that Macau’s gross gaming revenue (GGR) will reach MOP17bn (US$2.12bn) in September. That would mean a daily run-rate of MOP566m (US$70.55m).
According to analysts, GGR for the first 15 days of the month reached MOP8.5bn (US$1.06bn), but the run-rate for last week decreased from MOP593m (US$73.96m) per day to MOP535m (US$66.71m).
DS Kim, Mufan Shi and Selina Li estimate mass GGR to be running at 105-110 per cent of pre-Covid-19 levels, while VIP levels are at low/mid-20 per cent. They said they expect GGR for the third quarter to be “flattish” sequentially and “below historical seasonality of +2-3 per cent q/q”.
Cumulatively, Macau’s GGR for the first eight months of 2024 was MOP152.10bn (US$19.92bn), up 33.4 per cent year-on-year but 23.3 per cent below the same period in 2019 (US$24.66bn).
In August, Macau casinos generated MOP19.75bn (US$2.46bn) in GGR. The figure was up 14.8 per cent year-on-year and 6.2 per cent sequentially. The daily average was MOP637m (US$79.41m). It was the second-best monthly tally of the year after May but was down by 18.6 per cent compared to August 2019.
Sam Hou Fai meets with Macau casinos bosses
Sam Hou Fai, the only candidate for the position of chief executive (CE) in Macau, met on Thursday (September 12) with leaders of the city’s six casino concessionaires. Discussions revolved around the status of the industry and strategies to transform Macau into a global tourism and leisure hub.
During the meeting, Hou Fai praised the contributions made to Macau’s socio-economic development and encouraged operators to ensure the industry continues to develop in “a healthy, orderly and sustainable development in accordance with the law.”
Hou Fai also urged casino operators to continue promoting an “adequate diversification” of the city’s economy. The former judge has previously said diversification was essential for the city’s development and that despite driving rapid development since 1999, gaming has led to imbalances in the economy and workforce.
