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Macau on track to post highest post-COVID GGR in July

Ben Blaschke by Ben Blaschke
Tue 18 Jul 2023 at 05:51
Macau GGR down 62% year-on-year to MOP$2.48 billion in June
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Macau is on track to record in July the highest monthly gross gaming revenue since the start of the COVID-19 pandemic, despite daily run-rates currently being impacted by typhoon warnings.

According to investment bank JP Morgan, GGR for the first 16 days of July is estimated at MOP$8.25 billion (US$1.03 billion) or MOP$515 million (US$64 million) per day – up from the average Q2 run-rate of MOP$500 million (US$62 million) per day.

While this suggests daily GGR slowed to around MP$493 million (US$61 million) over the past week, JP Morgan analysts DS Kim and Mufan Shi said this is “understandable given Typhoon Talim and last-minute cancellations (note the Macau government issued the warning last Friday).”

The next could also be light due to the typhoon, “but we still see July printing the highest GGR since the pandemic, north of MOP$16 billion (US$1.99 billion),” the analysts added. “This would imply mass GGR is comfortably running at 90%+ of pre-COVID levels, and we continue to expect a 100%+ recovery in mass by October.”

JP Morgan reiterated its view that Macau’s concessionaires will announce all-time high margins for the June 2023 quarter, starting with Sands China which is due to report its Q2 results on Thursday morning (Asia time).

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Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

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