Macau Q4 2023 mass GGR surpasses pre-Covid-19 levels, analysts say

JP Morgan has reported that the figure hit over 105 per cent of 2019 figures.

Macau.- JP Morgan has reported that Macau’s mass gross gaming revenue (GGR) in the fourth quarter of 2023 exceeded 105 per cent of pre-Covid-19 levels. It says the mass GGR in Q4 2023 saw quarter-on-quarter growth of 12-13 per cent, reaching a record high of MOP48.6bn (US$6bn). Headline GGR rose by over 11 per cent quarter-on-quarter to MOP588m per day. 

This growth rate doubled the historical seasonality and represented a recovery to 75 per cent of pre-pandemic levels. Analysts anticipate an increase of over 10 per cent quarter-on-quarter in fourth-quarter EBITDA, which would mean a recovery to 85 per cent of pre-Covid-19 levels. 

JP Morgan reported that Macau’s overall December GGR reached MOP18.6bn, surpassing 80 per cent of the figure reported for December 2019.

According to the latest data released by the Gaming Inspection and Coordination Bureau (DICJ), December’s GGR was up 15.8 per cent month-on-month from MOP16.04bn to MOP18.56bn (US$2.3bn). Authorities also reported that Macau’s GGR for 2023 was MOP183.06bn (US$22.75bn). That’s a rise of 333.8 per cent when compared to 2022.

As Macau’s annual GGR exceeded MOP180bn (US$22.45bn), the six city’s casino operators are to increase their pledged non-gaming investment by 20 per cent.