Macau reaches over 40% of 2022Q4 GGR in the first half of January

Analysts at JP Morgan Securities have reported Macau’s GGR stands at about 41.8 per cent of the level registered in the fourth quarter of last year.

Macau.- Macau’s gross gaming revenue in the first half of January already accounted for 41.8 per cent of the previous quarter’s total, according to the city’s Gaming Inspection and Coordination Bureau (DICJ) and JPMorgan Securities.

The DICJ also revealed that the revenue of local casinos in the last quarter of 2022 reached MOP10.3bn (US$1.28bn), down 45.6 per cent from the same period last year.

The sharp drop in casino revenue comes against the backdrop of citywide covid-19 infections. However, with the further easing of epidemic-related restrictions earlier this year, the city’s gaming revenue reached nearly MOP4.3bn in the first 15 days of the month, according to JPMorgan.

Taking into account the 15-day figures, the investment bank forecasts gaming revenues generated every day between MOP285m and MOP290m.

For full-year 2022, Macau’s casino GGR decreased by 51.4 per cent compared with 2021 to MOP42.19bn (US$5.25bn). That’s just 14 per cent of pre-pandemic 2019 and the lowest yearly figure since 2004.

Morgan Stanley has recently predicted that Macau’s daily average gross gaming revenue (GGR) for January might perform better than expected and increased its forecast from MOP200m (US$24.8m) to MOP250m (US$31m).

Based on the adjusted GGR estimate, the increase from month-to-month stands at 123 per cent, representing 31 per cent of January 2019’s level, with 85 per cent being mass market.