Macau GGR to reach US$2.2bn in December, analysts predict

Analysts at JP Morgan predict market-wide gross gaming revenue could recover to around 80 per cent of pre-pandemic levels.

Macau.- JP Morgan Securities (Asia Pacific) predicts that Macau’s market-wide GGR will recover to around 80 per cent of pre-Covid-19 levels in December. That would compare to around 70 per cent in the fourth quarter so far.

The brokerage’s optimism is grounded in expectations of GGR recovering to the range of MOP17.5bn (US$2.2bn) to MOP18.0bn. Analysts DS Kim, Mufan Shi, and Selina Li believe this will drive fourth-quarter mass GGR to rise over 10 per cent quarter-on-quarter, doubling the historical seasonality of plus 5 to 6 per cent quarter-on-quarter.

They said this performance will push mass GGR to finally exceed pre-Covid-19 levels and drive EBITDA to recover to 85 per cent or more of pre-Covid-19 levels in the fourth quarter, compared to 80 per cent in the third quarter.

In November, Macau’s casino GGR reached MOP16.04bn (US$1.99bn). Data suggests that mass GGR reached parity with pre-Covid levels. Cumulatively, Macau’s GGR for the first eleven months of 2023 was MOP164.5bn (US$20.4bn), up 325 per cent compared to the same period in 2022.

See also: Macau GGR on track to reach US$22.6bn for 2023, analysts say