MOP16 Billion in Casino Revenue for November Possible: JP Morgan
MACAU, SAR (November 9, 2023) — Macau’s gross gaming revenue (GGR) has reached an estimated MOP2.8 billion (US$350 million), equivalent to MOP560 million per day, in the first five days of November, according to a forecast from J.P. Morgan Securities (Asia Pacific) on Monday.
The Macau News Agency reported analysts DS Kim, Mufan Shi, and Selina Li pointed out the figure aligns with the levels seen during the summer holiday in August, when MOP555 million per day was recorded.
The performance is viewed as “pretty good print” considering the “soft seasonality of the month”.
Market expectations, as J.P. Morgan noted, have projected a daily run-rate of MOP530 million to MOP540 million, or about MOP16 billion for the full month, making it a positive sign.
According to the analysts, mass GGR has appeared to be operating comfortably at over 100 per cent of pre-Covid levels, indicating a strong recovery, compared to an around 95 per cent recovery in the third quarter of the year.
Meanwhile, VIP demand remains steady at approximately 23 to 25 per cent of pre-pandemic levels – consistent with the previous months and quarters.
“More importantly, the print gives us comfort that the consensus revision cycle should stabilise after the mini-downgrade cycle in the recent 6 to 8 weeks,” the analysts said.
SOURCE: Macau News Agency (MNA).Tags: gross gaming revenue (GGR), Macau SAR, Casino, November 2023