Macau’s gross gaming revenues have fallen to their lowest level in more than six months in June, with GGR for the first 23 days estimated at MOP$13.3 billion (US$1.65 billion) or MOP$578 million (US$71.9 million) per day, according to JP Morgan’s weekly channel checks.
This suggests the daily run-rate fell to MOP$514 million (US$63.9 million) over the past week, the lowest level in over six months, with JP Morgan analysts stating the decline “was mostly due to soft seasonality” – impacted by post-holiday slow-down, the apparent impact of UEFA Euro 2024 and poor VIP win rate.
“June is the seasonally weakest month of the year anyway,” the investment bank added, “but the print was still disappointing as it suggests modest downside risk to our monthly GGR forecast of MOP$17.5 billion to MOP$18 billion (US$2.18 billion to US$2.24 billion).
JP Morgan estimates mass GGR to be at 105% of pre-COVID levels through the first 23 days of June with VIP in the low-20% range.
“For 2Q to date, the print suggests GGR is likely to edge down 2% to 3% quarter-on-quarter, led by -2% in mass and -5% in VIP, in-line with our printed forecasts,” the analysts said.
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