Macau GGR reaches estimated US$548m in first week of January

Analysts at Citigroup say Macau’s casino gross gaming revenue reached a daily run-rate of MOP629m (US$78.4m).

Macau.- Brokerage Citigroup has reported that Macau’s casino gross gaming revenue (GGR) for the first seven days of January could have been MOP4.4bn (US$548m). The estimated daily run rate was MOP629m (US$78.4m). This figure indicates only an 8 per cent decline from the GGR run rate recorded in the final two weeks of December 2023.

The data analysis suggests that Macau’s GGR exceeded MOP600m (US$74.8m) per day, an uncommon occurrence in the second half of 2023. Citigroup analysts also interpret this as a positive trend, emphasizing the sustained demand momentum observed in the early days of 2024.

Examining the breakdown, Citigroup notes that VIP volumes remained relatively stable on a month-to-month basis, while mass volumes saw a 5 per cent increase. The VIP hold rate also surpassed normal levels. 

A few days ago, the brokerage predicted the city’s GGR would reach 70 per cent of the 2019 levels, previous to the Covid-19 pandemic, this month.  

In parallel, brokerage firm Morgan Stanley has predicted that Macau’s ggr will rise 28 per cent year-on-year in 2024 and reach 80 per cent of pre-pandemic levels. 

The broker predicts Macau’s January GGR to remain relatively stable, following the typical seasonality pattern, with a forecast of MOP18.8bn, reflecting a recovery to approximately 75 per cent of the 2019 levels.

The Gaming Inspection and Coordination Bureau reported that Macau’s GGR for 2023 was MOP183.06bn. That’s a rise of 333.8 per cent when compared to 2022.