• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Monday 25 August 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
No Result
View All Result

Macau GGR seen accelerating further over past week: JP Morgan

Ben Blaschke by Ben Blaschke
Tue 21 Feb 2023 at 04:01
Macau Cotai panorama
18
SHARES
441
VIEWS
Print Friendly, PDF & Email

Macau’s gaming revenues have further accelerated over the past seven days, reaching a three-year non-holiday high of MOP$400 million (US$50 million) according to investment bank JP Morgan.

In his weekly GGR update, JP Morgan’s DS Kim said GGR over the first 19 days of February is estimated at MOP$7.2 billion (US$892 million) at a rate of almost MOP$380 million (US$47 million) per day.

However, this rate has accelerated to MOP$400 million per day over the past week, according to Kim, representing “a very solid print, especially considering slow seasonality post the long holiday.”

The estimate for the seven days from 13 to 19 February also implies a 45%+ recovery vs pre-COVID-19 levels for headline GGR, in turn suggesting mass GGR recovered to between 65% and 70% of pre-COVID levels.

“VIP recovery, which we estimate to be at around 15% of pre-COVID levels, has also been tracking solidly for a segment that’s been considered ‘gone’ given the demise of junkets, but we highlight again that VIPs don’t really move the needle much for the profits/CFs given the very low margin of high-single-digit (note we’ve modelled zero profits from VIP in our forecasts) vs 35% to 40% for mass.”

The latest positive update comes after Macau’s gaming operators booked GGR of MOP$11.58 billion (US$1.43 billion) in January – the highest monthly tally since January 2020.

In a separate note, Kim said he was bumping up his Macau estimates and piece targets across the board, with the Macau recovery only just beginning. Suggesting the sector is “entering the biggest upgrade cycle in 5+ years, Kim wrote, “We expect the demand to continue ramping-up with casual and less-hard-core players returning, to print sequential growth every quarter to hit 100% mass recovery by the end of this year (vs previously mid-2024E), and (well) beyond pre-COVID levels into next year.”

He also expects Macau stocks, which have risen by around 130% over the past three months, to continue improving.

“Our ‘23-24 EBITDA (which we believe is conservative) suggests ~15% upside risk to consensus, which we believe is the biggest revision potential we’ve seen in at least five years,” Kim said.

“If we are right, then we think these stocks can, if not should, trade toward the historical up-cycle multiples of 15x EBITDA, trading above our printed price targets that are set at the mid-cycle 13-14x. In short, we see at least 35% to 40% potential upside for all our OW-rated names here, and likely more if our thesis plays out. We feel Macau stocks are a fresh money idea.”

RelatedPosts

Slots 2.0

JP Morgan says Macau GGR now at highest non-Golden Week levels since pandemic

Mon 25 Aug 2025 at 17:04
Macau GGR down 12.7% month-on-month to MOP$17.3 billion in September, lowest of the year

Macau government collects US$1 billion in gaming tax revenue in July

Mon 25 Aug 2025 at 13:34
Macau visitor arrivals grew 14.5% year-on-year to 3,458,366 in July

Macau visitor arrivals grew 14.5% year-on-year to 3,458,366 in July

Sun 24 Aug 2025 at 08:30
Market organized to drive business to area impacted by Macau satellite casino closures generates US$25,000 in sales in first four days

Market organized to drive business to area impacted by Macau satellite casino closures generates US$25,000 in sales in first four days

Sun 24 Aug 2025 at 08:26
Load More
Tags: DS Kimgross gaming revenueJP MorganMacauMass marketVIP
Share7Share1
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.

Current Issue

Editorial – Better late than never

Editorial – Better late than never

by Ben Blaschke
Thu 31 Jul 2025 at 07:13

Inside Asian Gaming has in recent weeks been hearing increasing chatter around a possible move by Vietnamese authorities to introduce...

Angel’s Yasushi Shigeta

Angel’s Yasushi Shigeta

by Ben Blaschke
Thu 31 Jul 2025 at 07:08

Yasushi Shigeta, Chairman and owner of one of the world’s largest gaming industry suppliers, Angel Group, sits down with Inside...

The Magic Number

The Magic Number

by David Bonnet
Thu 31 Jul 2025 at 06:41

In this in-depth deep dive into the evolution of the Asian gaming landscape, David Bonnet argues that many regional jurisdictions...

Rashid Suliman – A road well traveled

Rashid Suliman – A road well traveled

by Ben Blaschke
Thu 31 Jul 2025 at 02:45

Rashid Suliman, Vice President of Global Gaming Asia-Pacific for casino solutions provider TransAct Technologies, provides some insight into his unique...

Evolution Asia
Your browser does not support HTML5 video.
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
HKUST
NWR

Related Posts

Slots 2.0

JP Morgan says Macau GGR now at highest non-Golden Week levels since pandemic

by Ben Blaschke
Mon 25 Aug 2025 at 17:04

Investment bank JP Morgan has estimated Macau’s gross gaming revenues in the seven days from 18 to 24 August at MOP$793 million per day, representing a 9% increase over the prior week and making it the city’s highest non-Golden Week...

Macau GGR down 12.7% month-on-month to MOP$17.3 billion in September, lowest of the year

Macau government collects US$1 billion in gaming tax revenue in July

by Ben Blaschke
Mon 25 Aug 2025 at 13:34

According to data released by Macau’s Financial Services Bureau, the Macau government’s revenue from gaming taxes in July was approximately MOP$8.11 billion (US$1.01 billion), largely in line with the MOP$8.16 billion collected in June. The July tax figure correlates to...

Pacific puzzle

Team King completes acquisition of Saipan casino assets but IPI ownership links linger

by Newsdesk
Mon 25 Aug 2025 at 05:33

Team King Investment (CNMI) LLC, a recently incorporated company which in February won a bid to acquire the casino assets of Imperial Pacific International, has officially closed the deal and taken ownership. According to local media outlet Marianas Variety, the...

More reasons to visit Clark

Hann postpones US$207 million IPO due to poor market conditions

by Ben Blaschke
Sun 24 Aug 2025 at 11:19

The holding company of Clark’s Hann Casino Resort has postponed an initial public offering that had been planned to take place in September, according to a report by Bloomberg. The delay is due to global uncertainties that have heavily impacted...

Your browser does not support the video tag.


IAG

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • English