Macau GGR reaches US$595.2m in first nine days of July
The daily run rate was MOP530m compared to MOP500m in the previous quarter.
Macau.- Analysts at JP Morgan Securities (Asia Pacific) have reported the market-wide casino gross gaming revenue (GGR) in Macau reached MOP4.80bn (US$595.2m) in the first nine days of July alone. This translates to a daily run-rate of over MOP530m, surpassing the second quarter’s MOP500m (US$571.4m) per day.
It’s the highest non-holiday GGR for Macau since the start of the Covid-19 pandemic. The positive numbers are attributed to several factors, including the two weekends in the period reviewed. The rise bodes well for the upcoming summer holidays.
JP Morgan analysts DS Kim and Mufan Shi said: “At this level, we believe mass GGR is comfortably running at 90-per cent-plus of pre-Covid level, and we continue to expect 100-per cent-plus recovery in mass by October.”
JP Morgan has estimated that Macau’s casino operations achieved record-high EBITDA margins of 26 per cent in the second quarter. It is optimistic that margins could continue to improve and potentially reach 30 per cent by 2025.
In June, Macau recorded GGR of just under MOP15.21bn (US$1.88bn), a 2.3 per cent decline from May. Macau’s casino GGR for the first half of 2023 was MOP80.14bn (US$9.93bn), up 205.1 per cent. Macau’s casino GGR for the entire year of 2022 stood at MOP42.20bn, down 51.4 per cent compared to the previous year.
