Macau’s gross gaming revenue for the first seven days of May is already running 31% higher than April GGR, with daily revenues sitting at around MOP$640 million (US$79 million), according to investment bank JP Morgan.
In a Monday note, JP Morgan analysts DS Kim and Mufan Shi said that channel checks indicated total GGR of MOP$4.5 billion for the first seven days of the month, with the daily rate of MOP$640 million comfortably exceeding April’s MOP$490 million (US$61 million) per day.
April GGR of MOP$14.72 (US$1.82 billion) had already comfortably exceeded consensus.
While JP Morgan’s May estimates were aided by the May Day Golden Week holiday, Kim and Shi described the figures as “undeniably a strong print in our view,” implying that “Labour Day demand was probably double of non-holiday ones … and mass demand has recovered to at least 90%+ of pre-COVID levels (if not 100%+) during holidays.”
Macau’s ever-improving prospects come with visitor arrivals having reached a three-year high of 133,911 last Sunday 30 April. Hotel occupancy rates also climbed above 93% on the same day.
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