BofA Securities predicts that GGR in early 2023 could exceed results from May 2021, the best monthly performance since the Covid-19 pandemic began.<\/p>\n\n\n\n\n\n\n\n
Macau.- Analysts at BofA Securities have said that Macau’s gaming industry could see its best results since the Covid-19 pandemic in early 2023 following the resumption of electronic visas in China. <\/p>\n\n\n\n
Earlier this week,\u00a0Ho Iat Seng<\/strong>, Macau\u2019s chief executive, announced that tour packages from mainland China will resume in November. Seng also announced\u00a0the return of electronically-issued exit visas for Chinese residents<\/a>, including the Individual Visit Scheme (IVS).<\/p>\n\n\n\n Macau hopes the move will see the number of daily visitors rise to 40,000, compared with\u00a0just 11,000 in August<\/a>. Analysts at BofA Securities believe gaming revenues in early 2023 could exceed\u00a0May 2021’s MOP10.45bn (US$1.3bn)<\/a>, which was the best monthly performance since the pandemic began in early 2020.<\/p>\n\n\n\n Macau\u2019s GGR for the first eight months of 2022 <\/strong>combined stands at MOP28.86bn (US$3.58bn), down 53.4 per cent year-on-year. In August, GGR was up 450 per cent from MOP398m (US$49.2m) to MOP2.19bn (US$270.8m).<\/p>\n\n\n\n As previously reported by Focus Gaming News, JP Morgan analysts<\/strong> have predicted that the industry\u2019s mass GGR could recover to 25-30 per cent of pre-Covid-19 levels<\/strong> in the fourth quarter before increasing further in 2023.<\/p>\n\n\n\n He added: \u201cMost operators can turn EBITDA [earnings before interest, taxation, depreciation and amortization] positive when mass GGR hits around 30-35 per cent of pre-COVID levels\u2026 indicating some companies can start to print positive profits from 4Q. \u201c<\/p>\n\n\n\nMacau casino operators could return to positive EBITDA in Q4<\/h2>\n\n\n\n