Macau GGR for first 14 days of May estimated at US$990m

Accumulated GGR for the first four months is MOP46.36bn (US$5.75bn).
Accumulated GGR for the first four months is MOP46.36bn (US$5.75bn).

JP Morgan estimates a daily run-rate of MOP570m. 

Macau.- Analysts at JP Morgan Securities (Asia Pacific) have reported that Macau’s casino gross gaming revenue (GGR) for the first two weeks of May is estimated at MOP8bn (US$990m), representing a daily run-rate of MOP570m

Analyst DS Kim said predicted that the strong performance represents a higher baseline demand level rather than a temporary boost. Kim highlighted that even during the traditionally slower week following the Labour Day holiday, GGR remained at a daily rate of MOP500m, surpassing the MOP400m+ rates observed before the holiday. 

The analyst noted that mass demand has reached around 80 to 85 per cent of pre-pandemic levels, while VIP demand has reached a recovery of approximately 25 to 30 per cent. These figures represent a significant improvement compared to the recovery rates of 65 per cent+ and 15 per cent+ in the first quarter of 2023. The recovery in VIP GGR also suggests a doubling of direct VIP revenue compared to pre-Covid-19 levels.

Despite April’s record-breaking gross gaming revenue of MOP14.72bn (US$1.83bn), the stocks of the six Hong Kong-listed gaming operators experienced a decline last week. Nevertheless, Kim remains optimistic that industry fundamentals are likely to drive positive sentiment and lead to an upward trajectory in stock performance as analyst forecasts are revised.

Accumulated GGR for the first four months of the year has already reached MOP46.36bn (US$5.75bn), a 141.4 per cent yearly increase.

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