Macau casino revenue tops expectations with small gain in December

January 3, 2022 Earnings & Filings

Macau gross gaming revenue rose 1.8% in December to 7.96B patacas. The GGR mark is an improvement of 18% from the November tally and beat the consensus expectations for a 5.5% decline for the month.

Overall Macau GGR for 2021 was up 43.7% from last year’s level, but came in at only 29.5% of the level seen in 2019 before the pandemic.

Macau is still facing significant COVID challenges after the city reported a second resident returning from the U.S. via Singapore tested positive for the omicron variant.

Jefferies has a cautious stance on the Macau sector to start the new year.

“We believe uncertainty remains regarding the concession outcomes, as well as demand recovery post-COVID and the secular decline in VIP play, which shape our conservative stance,” notes analyst David Katz.