Macau mass GGR up 9% in Q3

Analysts at J.P. Morgan have reported that Macau’s mass gross gaming revenue reached 93 to 94 per cent of pre-Covid-19 levels.

Macau.- J.P. Morgan has reported that mass gross gaming revenue (GGR) in Macau rose by 9 per cent quarter-on-quarter in Q3, reaching 93-94 per cent of pre-Covid-19 levels. The VIP segment saw a decline of 3 per cent quarter-on-quarter at 25-26 per cent of pre-Covid-19 levels. This was attributed to the normalisation of VIP luck.

Analysts DS Kim, Mufan Shi and Selina Li said overall performance “fell slightly short” of initial estimates. This was put down to to adverse weather conditions, notably Typhoon Saola, which forced the temporary closure of casinos for nine hours on September 1 and 2.

The Gaming Inspection and Coordination Bureau (DICJ) reported that Macau’s GGR for September was down 13.2 per cent month-on-month from MOP17.21bn (US$2.13bn) to MOP14.94bn (US$1.85bn). GGRT was up 404.2 per cent year-on-year.

J.P. Morgan noted that the figure aligned with the latest consensus estimates and that September tends to be one of the industry’s quietest months due to seasonal factors. Analysts are monitoring the performance during Golden Week. Initial observations suggest weaker-than-expected visitation from mainland China during the first two days, while non-mainland visitation displayed an “extremely strong” recovery. 

Macau’s GGR for the first nine months of 2023 was MOP128.95bn, up 305.3 per cent compared to the same period in 2022.