Macau’s GGR for first nine days of October stands at US$210.2m
Average daily casino GGR during October Golden Week was between 15 and 20 per cent of pre-pandemic levels.
Macau.- J.P. Morgan has reported that Macau’s average daily casino gaming revenue (GGR) in the first nine days of October was MOP1.7bn (US$210.2m), or about MOP190m a day. The period included the October Golden Week holiday, which saw average daily casino gaming revenue of 15 to 20 per cent of the pre-pandemic levels.
The figure is estimated to be double the daily run rate in September, when gross gaming revenue (GGR) was up 35.4 per cent month-on-month from MOP2.19bn (US$270.8m) to MOP2.96bn (US$366.3m).
Mass market revenue recovered to 30 to 35 per cent of pre-Covid levels, while VIP revenue recovered by 20 per cent, thanks to an increase in inbound travel. JP Morgan stated that the results were positive considering that the city has not yet benefited from the renewal of tour packages and the return of electronically issued exit visas for Chinese residents, including the individual visit scheme (IVS), which will come in November.
Analysts maintained their belief that Macau will see sequential improvements in mass GGR and industry profitability through 2023 before a “full recovery” in 2024. In July, JP Morgan predicted that Macau’s casino gross gaming revenue (GGR) will reach only 19 per cent of 2019 levels this year. They expect 2023 GGR could rebound to 40 per cent of pre-pandemic levels.
