Macau GGR reaches US$494.4m in first 10 days of April

Gross gaming revenue averaged MOP400m per day.

Macau.- Analysts at Citigroup and JP Morgan Securities (Asia Pacific) have reported that Macau’s casino gross gaming revenue (GGR) for the first ten days of April is estimated to be around MOP4.0bn (US$494.4m). That’s MOP400m per day, lower than the MOP495m a day in the last 12 days of March.

Analysts DS Kim and Mufan Shi of JP Morgan noted there is a potential margin of error in these weekly checks, with a deviation of 5-10 per cent possible for any given week. They say the actual GGR could be stronger, with mass GGR is operating at 70 per cent or more of pre-Covid levels. 

Citigroup reports that Macau’s gaming industry experienced a 10 per cent decrease in VIP volumes month-on-month, while mass volumes remained largely flat in early April. It said the VIP hold rate appears to be normal. Citigroup is maintaining its April GGR estimate of MOP12.0bn, which is equivalent to around 51 per cent of the same month in 2019.

Analysts stressed despite the increased tourism, Macau’s visitor volume is not necessarily a proxy for the city’s GGR performance. Authorities reported that 481,765 visitors arrived in Macau during the six-day period from April 5 to April 10, which included the Chinese festival of Ching Ming and the Easter holidays.

In March, Macau’s gaming industry generated MOP12.73bn (US$1.57bn) in GGR. This was a 247 per cent year-on-year increase, but the figure is still down 50 per cent when compared to 2019.