Macau GGR estimated at US$1.66bn for first 23 days of June

Analysts at J.P. Morgan say GGR is at the lowest level in six months.

Macau.- Analysts at J.P. Morgan have estimated that Macau’s gross gaming revenue (GGR) for the first 23 days of June was MOP13.3bn (US$1.66bn). The daily run rate would stand at MOP578m (US$71.9m), with last week’s daily run rate MOP514m US$63.9m) per day, compared to MOP533m the previous week.

Analysts DS Kim, Mufan Shi, and Selina Li noted that this would be the lowest level in at least six months, which they put down to the seasonal trend of a post-holiday slowdown, the UEFA European Football Championship. HSBC Holdings have forecast that Macau’s GGR for June will be between MOP17.1bn and 18.1bn (US$2.11-2.26bn), down by 10 to 15 per cent when compared to last month

J.P. Morgan noted a lower VIP win rate of about 2.6 to 2.8 per cent, compared to the typical 3 per cent. They said said GGR is estimated to be at 105 per cent or more of pre-Covid-19 levels while VIP revenue is in the low 20 per cent range.

Macau’s GGR for May was MOP20.19bn (US$2.51bn). That’s an increase of 8.9 per cent month-on-month and 29.7 per cent when compared to May 2023. Cumulatively, GGR for the first five months of 2024 was MOP$96.06bn (US$11.9bn), up 47.9 per cent year-on-year.