March GGR Hit MOP19 Billion, Q1 Sees Post-COVID High: JP Morgan

MACAU, SAR (March 26, 2024) — Macau is on course to make revenue of MOP19 billion (US$2.36 billion) this month after achieving MOP14.9 billion in the first 24 days of March, making it possible to pull off another quarterly post-pandemic high.

The picture was painted by J.P. Morgan analysts DS Kim, Mufan Shi, and Selina Li said in a note on Monday that the amount received so far had translated to a daily run-rate of MOP621 million.

“That’s only 1~2% below 2M24’s (MOP630m/day), a tad better than historical trend of -4% m/m (March vs. Jan/Feb run-rate),” they wrote.

The findings could point to mass-market casino revenue running at about 110 per cent of pre-Covid levels – up from 104 per cent observed in the last quarter of 2023.

“Mass gaming demand can grow by +3-4% q/q in 1Q24 to outperform the historical seasonality of +2% q/q again,” the analysts wrote.

Meanwhile, the VIP segment remains at about mid-20 per cent in terms of its recovery, showing “little sign of change in underlying demand”.

If proved accurate, the March casino revenue of MOP19 billion could drive the first-quarter figure to grow 5 per cent compared to the previous quarter – or over 60 per cent year on year.

SOURCE: Macau News Agency (MNA).