Macau CNY mass GGR reaches 60% of 2019 levels, analysts say
According to JP Morgan Securities, all of Macau’s six casino operators were positively surprised by the level of demand during the holiday period.
Macau.- The Chinese New Year holiday period has come to an end and the first analysis has begun to emerge. JP Morgan Securities (Asia Pacific) has reported Macau’s mass-market casino gross gaming revenue (GGR) for the period may have recovered between 60 and 70 per cent of 2019 levels.
JP Morgan’s DS Kim noted that the recovery against 2019’s results would be “very telling and well above what the street is expecting”. Macau had its best mass gaming revenue on record during the lunar new year holiday in 2019.
Macau received 451,047 visitors during the seven-day Chinese New Year holiday period between January 21 and 27, according to the Macau Government Tourism Office (MGTO). Analysts noted that visitor volume is “not the right figure to look at” for projecting gaming revenue due to factors like visitor quality, but Macau operators were reportedly surprised by the level of demand, including from in-house VIPs.
2019’s February GGR reached MOP25.37bn (US$3.14bn) and VIP baccarat accounted for 48.9 per cent of the market. In 2022, Macau saw an average daily revenue of MOP333m (US$41.4m) during the Chinese New year period between February 1 and 6.
