Macau GGR estimated at US$1.5bn for first 3 weeks of April

04/23/24

Analysts at JP Morgan indicate a daily run-rate of MOP595m.

Macau.- JP Morgan Securities (Asia Pacific) has estimated that Macau’s casino gross gaming revenue (GGR) for the first 21 days of April was MOP12.5bn (US$1.5bn). The estimated daily run-rate was MOP595m, down 5.4 per cent when compared to March (MOP629m).

Last week’s average daily GGR remained stable at MOP600m. Analysts DS Kim, Mufan Shi and Selina Li noted that mass GGR, including slots, is tracking at 110 per cent above pre-Covid-19 levels, while VIP volumes are showing a mid-20 per cent recovery, similar to first-quarter trends.

Analysts at Citigroup have forecast that GGR will reach MOP$18.5bn (US$2.3bn) this month. That would be 78 per cent of the 2019 levels.

Macau’s GGR for March was MOP19.50bn (US$2.42bn), an increase of 5.5 per cent month-on-month and 53.1 per cent when compared to March 2023. Cumulatively, Macau’s GGR for the first three months of 2024 was MOP$57.3bn (US$7.11bn), up 65.5 per cent year-on-year and implying a full-year run rate of around MOP$229.2bn (US$28.4bn).

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