Encouraging Start for Macau’s Q2 Gaming Revenue – JP Morgan

MACAU, SAR (April 12, 2023) — Investment bank JP Morgan has said that Macau got off to a decent start in the second quarter of 2023, citing casino gaming revenue for the first 10 days of April.

The Macau News Agency reported analysts DS Kim and Mufan Shi said in a recent note that the city’s gross gaming revenue reached some MOP 4 billion (US$ 495 million) in the first 10 days of the month, which suggested a daily run-rate of MOP 400 million.

Although the figure is for now lower than the March run-rate of MOP 411 million per day, Kim described it as “encouraging” as it suggests that mass-market gaming revenue is running at a rate of about 70 per cent of the pre-Covid level.

“We feel the actual GGR could be a tad stronger than MOP400m/day,” said the two analysts. “We’d say around 5-10% deviation is possible for any given week.”

More than 481,000 visitors made their way into Macau over the recent six-day holiday that combined the Ching Ming Festival and Easter.

The figure was even higher than the total of inbound visitors logged over the seven-day Lunar New Year period earlier this year when some 451,000 made their way in.

In order to woo more foreign visitors, the Macau Government Tourism Office extended a three-month free return ticket campaign for Hong Kong arrivals until the end of June.

SOURCE: Macau News Agency.