Macau daily GGR reaches US$113m in first 5 days of May

Analysts at Jefferies expect May GGR to reach MOP19.6-21.5bn.

Macau.- Jefferies has estimated that Macau’s daily average gross gaming revenue (GGR) for the first five days of May was MOP910m (US$113m). Analysts said a strong start to the month was driven by the Labour Day holiday and was only slightly below the first six days of 2023’s October Golden Week (MOP930-940m per day).

Month-to-date mass GGR and VIP segment GGR are up by 45-50 per cent and 60 per cent, respectively, while VIP win rates increased by 3.3-3.5 per cent. Analysts predicted that GGR will slow down for the rest of the month to MOP580-650m per day, resulting in a full-month GGR of MOP19.6bn to 21.5bn. Even at the lower end of the range, this would be the second-highest monthly average this year.

Analysts noted that concerns about China’s macroeconomic growth could potentially affect future overseas travel, which may impact on Macau gaming stocks. They have moderate expectations for GGR growth in 2024.

In April, GGR was down 4.9 per cent month-on-month at MOP18.5bn (US$2.29bn). The figure was up 26 per cent when compared to April 2023 but down 21.4 per cent from the MOP23.6bn (US$2.91bn) reported in April 2019. Cumulatively, Macau’s GGR for the first four months of 2024 was MOP75.87bn (US$9.36bn), up 53.7 per cent year-on-year.