Macau’s gross gaming revenue for the first 14 days of July is estimated to have reached MOP$8.30 billion (US$1.03 billion), suggesting the daily GGR run-rate over the past seven days grew by 15% compared with the first week of the month to MOP$635 million (US$79.0 million), according to JP Morgan analysts.
In a note, analysts DS Kim, Mufan Shi and Selina Li said the improved figures – up from a run-rate of MOP$550 million (US$68.4 million) at the start of the month – is due to the start of summer holiday demand, while the end of the Euro 2024 football championships will likely help volumes gradually improve in the next several weeks into the summer holiday peak.
JP Morgan is maintaining its estimate that mass GGR is sitting at between 105% and 110% of pre-COVID levels with VIP around the low-to-mid 20% range.
“This is a bit softer than Q2’s trends but this is a weekly trend that can be very volatile either way, and we wouldn’t read too much into the print just yet,” the analysts wrote.
The investment bank tips July GGR to be around MOP$18.5 billion, modestly below the initial market expectation of MOP$19 billion-plus due to a slower start to the month.
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