Macau’s gross gaming revenue came in at MOP$18.55 billion (US$2.30 billion) in April, representing a 26.0% year-on-year increase although slightly down on the MOP$19.5 billion (US$2.42 billion) recorded in March. The daily run-rate of MOP$618 million (US$76.7 million) was 1.7% lower than the March run-rate of MOP$629 million (US$78.0 million).
The sequential decline was not unexpected, with analysts pointing to seasonality as a contributing factor. Investment bank JP Morgan said recently that although April GGR was tracking below March, it had shown encouraging signs of stabilization towards the end of the month.
The April result takes total GGR through the first four months of 2024 to MOP$75.87 billion (US$9.41 billion), up 53.7% year-on-year and equivalent to 76.1% of GGR through the same period in 2019.
Brokerage CLSA recently revised upwards its 2024 GGR forecast for Macau, estimating a full year tally of US$30.3 billion due to higher visitation trends in the traditionally slower months.
If accurate, the updated projection would see Macau’s GGR growing by 34% year-on-year from US$22.8 billion in 2023.
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