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Macau casino GGR likely to exceed $124.1 million per day during CNY

February 20, 2024 Macau Industry Updates

The Macau casino market’s gross gaming revenue (GGR) for the Chinese New Year probably exceeded MOP1 billion (about US$124.1 million) every day for the first time in more than four years, according to JP Morgan Securities (Asia Pacific) Ltd.

Due to the combination of pre-holiday lulls and Lunar New Year festivities, the researchers noted that it was difficult to compare the statistics.

Citigroup had a similar viewpoint, noting that their daily GGR estimate for the time around Chinese New Year was much in line with projections. After a decline before the vacation, the institution projected that GGR would rebound to around MOP900 million each day from February 12 to February 17.

Industry sources said that Citigroup reported mass and VIP volumes that were greater than the previous month, but the VIP hold rate seemed to be below normal.

Mass GGR has returned to more over 120% of 2019 Lunar New Year levels, according to JP Morgan’s post-holiday assessment, showing a faster pace of recovery than in prior months.

According to both banks, gross domestic product (GGR) increased by 75% from the same period in 2019 to MOP12.5 billion, or around MOP694 million per day, during the first eighteen days of February.

JP Morgan predicted that full-February GGR will increase by more than 80% year over year to reach about MOP19 billion, the greatest run-rate in more than four years. It is anticipated that this growth pattern would result in a first-quarter GGR rise over the prior quarter of mid-to-high single digits.

In contrast, Citigroup had a more conservative perspective, estimating that GGR in February would be MOP19.5 billion, or around 77% of the amount in February 2019.

Original story by: GGRAsia

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