Macau GGR to reach US$29bn this year, Goldman Sachs says

Macau GGR to reach US$29bn this year, Goldman Sachs says

Analysts expect gross gaming revenue to reach 82 per cent of pre-Covid-19 levels.

Macau.- Goldman Sachs has predicted that Macau’s gross gaming revenue (GGR) for 2024 will reach US$29bn. The figure would represent 82 per cent of pre-Covid-19 levels. Meanwhile, property earnings before interest, taxes, depreciation, and amortisation (EBITDA) is expected to be down 4 per cent quarter-on-quarter due to softer June GGR.

Analysts say GGR could rise by 14 per cent year-on-year in the second half of the year, resulting in a daily GGR run-rate of US$79.4m. They suggested the temporary impact of the April-May wealth downturn and Euro 2024 may have affected the city’s GGR but that historically, Macau’s GGR tends to fully recover after Euro tournaments in August-September.

They said the crackdown on illicit money exchange businesses has had a negligible impact and should not significantly affect VIP or high-end premium mass-market GGR, as these players typically have their own sources of liquidity.

Macau’s GGR for the first half of 2024 was MOP113.8bn (US$14.20bn), up 41.9 per cent year-on-year but 23.9 per cent below the same period in 2019.

See also: Macau GGR reaches US$478.8m in first 7 days of July

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