Macau: MOP8.1 billion (US$1.01 billion) in First 17 Days of September – J.P. Morgan

September 19, 2023 | Reveue

MACAU, SAR (September 18, 2023) — Macau’s gross gaming revenue has shown signs of recovery in the first half of September, bouncing back from a slow start to the month due to unfavorable weather conditions.

Macau News Agency (MNA) reported the latest estimate from J.P. Morgan suggests that casino revenue for the first 17 days of September stands at MOP8.1 billion (US$1.01 billion), equivalent to MOP476 million per day.

It indicates a significant improvement compared to the initial two weeks of the month when the gaming revenue averaged MOP430 million per day.

The resurgence in revenue was attributed by analysts DS Kim, Mufan Shi, and Selina Li to the easing of bad weather conditions, which had hampered visitation to the region’s casinos.

With the improved weather, the daily run-rate for last week soared to a range of MOP540 to MOP550 million, showcasing a notable recovery.

However, despite the recent rebound, September is expected to be a challenging month overall for Macau’s gaming industry.

The analysts anticipate a month-on-month decline of 10 to 15 per cent in GGR, which would amount to approximately MOP14.5 to MOP15 billion.

These figures – if proved to be accurate – would  fall short of the consensus estimate of MOP15.8 billion predicted at the beginning of the month, the analysts said.

Nevertheless, market observers believe that the disappointing performance could be attributed primarily to adverse weather conditions.

As for the forthcoming National Day Golden Week, the analysts expect both visitation and spending to align with consensus and buy-side expectations, with traffic and mass gaming revenue recovering to at least 85 per cent and 100 per cent of 2019 levels.

SOURCE: Macau News Agency (MNA).

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