Macau GGR to reach US$2.2bn in January, analysts say

Brokerage Citigroup predicts that Macau’s GGR will recover to 70 per cent of 2019 levels in January.

Macau.- Macau’s gross gaming revenue (GGR) will reach MOP$17.5bn (US$2.2bn) in January, according to the latest insights from brokerage Citigroup. This projection signifies the city’s GGR will reach 70 per cent of the 2019 levels, previous to the Covid-19 pandemic. 

Citigroup’s research report highlights that December 2023 exceeded expectations, recording a GGR of MOP18.56bn (US$2.3bn), showcasing a daily run-rate surpassing both market and broker projections by approximately 6 per cent.

The average daily run-rate in late December experienced a notable increase, reaching around MOP683m, compared to the MOP 543m reported in the preceding week. Citigroup analysts interpret this surge as an indicative factor of potential growth continuity in the upcoming period.

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.