Macau GGR likely to exceed US$1.17bn in February – JP Morgan
JP Morgan forecasts that Macau’s gross gaming revenue (GGR) for February is likely to exceed MOP9.5bn (US$1.17bn).
Macau.- Analysts at JP Morgan have forecast that Macau that GGR for February is likely to exceed MOP9.5bn (US$1.17bn) and an average daily rate of MOP350m. Analyst DS Kim noted that the gross gaming revenue run rate for February remains stable and solid, indicating a continued recovery.
Gross gaming revenue (GGR) from Macau’s casinos in the first 12 days of February amounted to MOP4.4bn (US$544.2m). The current month’s data indicates a 40 to 45 per cent recovery in headline GGR compared to pre-Covid-19 levels, with mass-market gross gaming revenue at 60 to 70 per cent.
Analysts believe all gaming operators are already generating positive free cash flows. If February’s gross gaming revenue turns out to be strong, the market could revise its 2024 estimates upwards.
Macau’s January GGR saw a sharp increase of 232.6 per cent month-on-month after the end of the zero-Covid policies in mainland China and Macau and a surge in visits during Chinese New Year.
