Macau’s May Gross Gaming Revenue Likely to Hit MOP20 Billion

MACAU, SAR (May 3, 2024) — Citigroup expects that Macau will register a gross gaming revenue (GGR) of MOP20.0 billion (US$2.5 billion) for May, indicating a recovery to 77 per cent of the pre-Covid level.

The estimate also translates to a daily run-rate of MOP645 million, The Macau News Agency (MNA) reported analysts George Choi and Ryan Cheung said in a recent report.

The analysts noted that Macau’s GGR for April surpassed expectations, reaching MOP18.55 billion, outperforming Citigroup’s estimate of MOP18 billion as well as the consensus forecast of MOP18.1 billion.

This implies that the daily run-rate for the final nine days of the month increased to MOP672 million, representing a 12 per cent increase compared to the prior week’s daily run-rate of MOP600 million.

“We believe the higher daily run rate suggests that there were some early birds going to Macau even before the Labor Day Holidays (which spans from May 1st to May 5th for Mainland China) start,” the analysts wrote.

Morgan Stanley, another brokerage firm, commented that Macau’s April GGR implies that mass market GGR had reached 114 percent of 2019 level, compared to the recovery to 112 per cent of 2019 level reported for the first quarter.

The brokerage forecasts that Macau’s May GGR will reach MOP19.7 billion, reflecting a month-on-month increase of 6 per cent and a recovery to 76 per cent of 2019 level.

Morgan Stanley analysts Praveen K Choudhary and Gareth Leung also expect that GGR for the second quarter of 2024 will show a 2 per cent quarter-on-quarter decline, standing at 77 per cent of pre-Covid level.

SOURCE: Macau News Agency (MNA).