Macau GGR to rise 20.6% year-on-year in 2024, analysts say
Analysts at Deutsche Bank predict Macau’s gross gaming revenue (GGR) could reach over US$27.62bn in 2024, driven by a surge in mass-market GGR.
Macau.- Deutsche Bank Securities has released a report where it predicts Macau’s GGR could grow 20.6 per cent when compared to the previous year, surpassing US$27.62bn.
Analysts attribute the growth primarily to an expected 23.7 per cent expansion in mass-market GGR, amounting to nearly US$21.34bn, while VIP GGR is estimated to rise by 11 per cent to just under US$6.29bn.
Due to what some industry commentators claim is a subsequent migration of former VIP junket players to the so-called premium mass segment, it is difficult to make a direct comparison between pre-pandemic mass GGR and mass GGR now.
As a result of other market developments, much Macau GGR booked as VIP prior to the pandemic is understood to have been generated mostly through junkets, whereas now, more VIP GGR is likely coming from house-managed VIPs, which might result in a margin that is not directly comparable to those generated by junket-managed VIPs.
For 2023 as a whole, Macau’s GGR was MOP183.06bn (US$22.75bn). That represented 62.5 per cent of the 2019 figure. December GGR was up 16 per cent month-on-month at MOP18.56bn (US$2.3bn).
Earlier this month, Morgan Stanley predicted that Macau’s GGR could rise 28 per cent year-on-year in 2024 and reach 80 per cent of pre-pandemic levels. Morgan Stanley also predicted that Macau’s January GGR will be MOP18.8bn, about 75 per cent of the 2019 level.
