Macau casino GGR for first week of new year reaches $546 million, indicates robust start to 2024

Macau’s casino gross gaming revenue (GGR) for the first seven days of January was expected to be MOP4.4 billion (US$546.6 million), according to JP Morgan Securities (Asia Pacific) Ltd., signaling a strong start to 2024.

Because of this, the daily run rate has already surpassed expectations, rising to MOP630 million from MOP599 million in December. The heavy traffic over the New Year’s holiday was one factor in the great success.

Bulk GGR was functioning between 105% and 110% of pre-Covid levels, according to JP Morgan analysts who broke down the figures by sector, while VIP GGR was comparatively steady month over month at 20%. JP Morgan expects revenue to exceed market estimates of MOP17.5 billion to MOP18 billion, despite a typical fall in Macau’s GGR for the remaining portion of January as the Chinese New Year draws near.

This year, the Chinese New Year holiday falls from February 10 to February 17. Furthermore, the analysts predict that the Macau casino industry’s fourth-quarter 2023 earnings before interest, taxes, depreciation, and amortization (EBITDA) would increase by 8% to 9% in a row, reaching around 85% of pre-Covid levels overall. Compared to the 80% recovery seen in the third quarter of 2023, this is a superior result.

Original story by: GGRAsia