Macau casino GGR for first 24 days of March at $77.1 million

Based on industry inspections, Macau’s daily run-rate of casino gross gaming revenue (GGR) for the first 24 days of March averaged MOP621 million (US$77.1 million), reaching around MOP14.9 billion, according to a memo released by JP Morgan Securities (Asia Pacific) Ltd on Monday.

March’s daily run-rate was just 1% to 2% less than the MOP630 million daily average that was seen in the first two months of 2024. This little decline was better than the historical norm, which was a 4% decline in March relative to January and February.

This suggests a stable and strong run-rate, according to experts DS Kim, Mufan Shi, and Selina Li. Last week’s performance remained consistent at MOP628 million per day, and there was no sign that the underlying demand was slowing down.

According to the brokerage, the month’s total GGR (including slots) is already at around 110% of pre-Covid levels, which is comparable to the trend seen in the first two months of 2024. This indicates a potential growth of 3 to 4 percent quarter on quarter in the first quarter of 2024, above historical seasonality. It also reflects a 104% recovery rate in the fourth quarter of 2023.

VIP volume seems to have stabilized at around 20–20% of pre-Covid levels, indicating that underlying demand has not changed.

According to JP Morgan’s prediction, the gross domestic product (GGR) in March would surpass MOP19 billion. This would result in a 5% quarterly increase in GGR or a 60% annual increase, which would be yet another post-pandemic milestone.

Original story by: GGRAsia