Macau GGR to reach up to US$2.57bn in March, analysts say

J.P Morgan expects GGR growth to accelerate in the latter half of the year.

Macau.- J.P. Morgan has forecast that Macau gross gaming revenue (GGR) will range between MOP19bn (US$2.38bn) and MOP20.5bn (US$2.57bn) in March. Analysts DS Kim, Selina Li, and Mufan Shi forecast that GGR for the first quarter will be flattish at around MOP56.7bn (US$7.10bn), slightly below the 2024 record of MOP57.3bn (US$7.18bn).

They predict that GGR will accelerate to 5 per cent growth in the latter half of the year, driven by easier year-over-year comparisons. This would lead to overall growth of 2 per cent for the full year.

Meanwhile, Seaport Research Partners has forecast that GGR in March could be up 5.3 per cent in year-on-year terms to MOP20.5bn. Analysts attributed the growth to the advantageous policies emerging from China’s Two Sessions, the annual plenary sessions of the National People’s Congress and of the Chinese People’s Political Consultative Conference. Morgan Stanley projects that March GGR will reach MOP20.1bn (US$2.52bn). That would be an increase of 3.3 per cent compared to last year.

Macau GGR rises in February

Macau’s GGR for February was MOP19.74bn (US$2.46bn). That’s an increase of 6.8 per cent in year-on-year terms and a rise of 8.2 per cent sequentially. GGR was 77.8 per cent of February 2019’s level.

The figure was boosted by the Chinese New Year (CNY) holiday, which took place from January 28 to February 4. GGR averaged MOP780m (US$97.3m) per day over the holiday period for an aggregate of MOP6.24bn. According to Seaport Research Partners, the figure was down 1 per cent compared to CNY 2024 and 8 per cent compared to 2019. 

Cumulatively, Macau’s GGR for the first two months of 2024 was MOP38bn, up 0.5 per cent from the prior-year period. Macau’s GGR for 2024 was MOP226.78bn (US$28.39bn), up 23.8 per cent year-on-year but down 22.45 per cent compared to 2019 levels (MOP292.45bn). The result surpassed the Macau government’s expectations.