Macau GGR for first 21 days of 2024 estimated at $1.61 billion

Macau’s casino gross gaming revenue (GGR) is expected to reach MOP13.0 billion (US$1.61 billion) for the first 21 days of January, with an average daily income of MOP619 million, according to JP Morgan Securities (Asia Pacific) Ltd.

When compared to December’s MOP599 million per day, which was previously seen as a beat, this run rate is impressive.

The daily casino GGR for the seven days that concluded on Sunday was MOP628 million, according to JP Morgan analysts, showing a sequential gain despite poor seasonality. This is almost exactly in line with the outstanding MOP630 million New Year holiday print. Bulk income was running between 105 and 110 percent of pre-Covid levels, according to the numbers, while VIP revenue was steady month after month in the low 20 percent range.

Even though the GGR is expected to typically dip in the weeks before the Chinese New Year, JP Morgan projects that January’s GGR will match market expectations by falling between MOP17.5 billion and MOP18 billion. The Chinese New Year holiday this year runs from February 10 to February 17.

Additionally, the company forecast that, luck-adjusted, Macau’s casino industry’s fourth-quarter profits before interest, taxes, depreciation, and amortization (EBITDA) would rise by 8 to 9 percent sequentially, reaching around 85 percent of pre-Covid levels.

Original story by: GGRAsia