Macau’s mass market demand rebounds to 90% of pre-Covid levels
According to J.P. Morgan, mass demand was strong during the Labour Day holiday.
Macau.- J.P. Morgan has reported that Macau’s mass market demand rebounded to over 90 per cent of pre-Covid-19 levels during the Labour Day holiday period. DS Kim of JP Morgan Securities (Asia Pacific) said visitor arrivals should “remain better compared to pre-Covid days”.
During the five-day Golden Week holiday, 491,968 tourists visited Macau, representing 77 per cent of the figure reported in the four-day Labour Day holiday in 2019. However, despite good results in mass demand, J.P. Morgan pointed out that direct VIP was far from pre-Covid levels and only achieved a 30 per cent recovery in gross game revenue despite the decline of junket operators.
Total gross gaming revenue could have recovered to about 65-70 per cent for the Labour Day holiday, significantly higher than the 45 per cent recovery reported in the first quarter. The summer holiday between July and August is expected to be the next stimulus for the gaming industry, with the demand run rate estimated to “move up another notch”, J.P. Morgan said.