Macau January Casino Revenue Set to Reach MOP17.5 billion: JP Morgan

MACAU, SAR (January 22, 2024) — Macau has generated about MOP13 billion (US$1.62 billion) in gross gaming revenue (GGR) in the first 21 days of January, with a run-rate of MOP619 million per day, the latest forecast by J.P. Morgan has suggested.

The Macau News Agency (MNA) reported the estimate released by the brokerage’s Asia Pacific Equity Research on Monday describes the run-rate as “robust”.

It is higher than that of December that averaged MOP599 million per day.

“This also implies last week’s daily GGR was MOP628 million, which actually implies a sequential improvement despite weaker seasonality, almost comparable to the impressive New Year holiday print,” said analysts DS Kim, Mufan Shi, and Selina Li.

As terms of the mass market, the latest figures suggest that casino revenue has now accounted for 105 per cent to 110 per cent of pre-pandemic levels, up from 105 per cent in the last quarter of 2023.

Based on the forecast, the analysts expect January to produce a range of MOP17.5 billion to MOP18 billion.

In December last year, the city accomplished a GGR of MOP18.57 billion – the second-highest monthly GGR in the year.

Meanwhile, in the eyes of the brokerage, industry EBITDA is likely to grow 8 to 9 per cent quarter on quarter to account for at least 85 per cent of pre-Covid levels on a luck-adjusted basis.

SOURCE: Macau News Agency (MNA).