Tuesday, 23rd July 2024

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Macau Casino Takes $67M A Day, Towards Full Market Recovery

JP Morgan analysts DS Kim and Mufan Shi reportedly said the Macau game industry generated an average of $537 million ($67.2 million) per day over the past month, somewhat flat, reaching an industry average of $533 million ($66.7 million) in the first six days of August. However, these figures reportedly represent the steady growth expected to be experienced in the future period.

“While it’s hard to draw meaningful trends from the six-day data, this means mass GGRs are comfortably tracking at more than 90% of pre-COVID levels,” JP Morgan analysts DS Kim and Mufan Shi reportedly said. They added, “We continue to expect to increase with a recovery of more than 100% by October.”

GGRASIA also reported that analysts compared the market’s performance to the previous quarter, with the bulk sector recovering 92% to 93% , generating a total MOP of $16.66 billion ($2.06 billion). The recovery rate achieved by the Macau game industry in July reportedly outperformed second-quarter 2023 earnings, which posted a recovery of about 87 to 88%.

At the same time, Inside Asian Gaming reported that July’s revenue level of $2.06 billion represents a new post-pandemic record in the monthly multiplier achieved by the region’s gaming industry. The figure, brought by the Game Inspection and Coordination Bureau (DICJ), is reportedly more than 40 times higher than the level reached in July 2022 and 9.6% higher than in June 2023.

Full recovery expected in October:

For this reason, JPMorgan analysts use daily averages for July and August to expect Macau’s gaming industry to already experience a 95% recovery by the end of the third quarter of 2023.

As reported by GGRASIA, investment banking experts expect the recovery to be extended early in the fourth quarter and Macau’s gaming industry will already bring a 104% recovery in October 2023 and set annual gross gaming revenue at MOP 184.2 billion ($22.92 billion).

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