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JP Morgan: Macau GGR holding steady at US$76 million per day through early March

Ben Blaschke by Ben Blaschke
Mon 11 Mar 2024 at 18:01
VIP baccarat shows sequential gain in Macau GGR share but down 23% year-on-year in 4Q19
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Macau’s gross gaming revenue for the first 10 days of March came in at MOP$6.1 billion (US$757 million) or MOP$610 million (US$75.7 million) per day, just 3% lower than the average MOP$630 million (US$78.2 million) per day recorded through the first two months of the year, according to investment bank JP Morgan.

In a note, analysts DS Kim, Mufan Shi and Selina Li said the daily run-rate was in-line with historical trends which show a 4% decline in March, suggesting that demand remained resilient post-Chinese New Year.

They also stated that the lower than expected February GGR of MOP$18.5 billion (US$2.3 billion) was therefore most likely due to luck and unnecessarily elevated market expectations, rather than a sharper-than-usual slowdown in demand after the holiday.

The analysts said they estimate mass GGR from 1 to 10 March is running at 110% of pre-COVID levels – also in-line with the first two months of 2024 but improved on the 104% of pre-COVID levels in 4Q23. VIP appears to be stable at 20% of pre-COVID levels, they added.

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Tags: casinoDS Kimgross gaming revenueJP MorganMacauMarch
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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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