Macau: October GGR Set to Achieve New Post-Pandemic Record: JP Morgan
MACAU, SAR (October 25, 2023) — Gross gaming revenue for the first 23 days of October is projected to reach MOP14.6 billion (US$1.8 billion), as estimated by J.P. Morgan Securities (Asia Pacific).
However, it remains to be seen whether it will surpass the post-pandemic record of MOP17.2 billion achieved in August. Macau News Agency (MNA) report J.P. Morgan analysts DS Kim, Selina Li, and Mufan Shi express their belief that it will.
“This implies that last week’s run-rate has returned to normal at MOP575 million per day, representing a 20 percent increase week on week from the post-holiday slowdown. While not unexpected, it provides reassurance that the month is comfortably on track to reach another post-pandemic high,” MNA reported they stated in a note published on Tuesday.
According to the brokerage, casino revenue for the month is expected to reach a range of MOP18.5 billion to MOP19 billion.
If proved to be accurate, it would indicate a recovery to approximately 72 per cent compared to October 2019.
The growth is primarily driven by a full rebound in mass gaming, as well as a recovery of around 25 per cent in VIP gaming, the analyst reiterated.
SOURCE: Macau News Agency (MNA).Tags: October 2023, New Post-Pandemic Record, J.P. Morgan Securities, Macau SAR