Macau’s gross gaming revenues reached an estimated MOP$6.65 billion (US$825 million) or MOP$830 million (US$103 million) per day during the eight-day Golden Week holiday, by far the best print post-COVID according to checks by investment bank JP Morgan.
In a Monday note, analysts DS Kim, Mufan Shi and Selina Li described the week as “pretty golden”, with GGR for the first six days likely sitting at MOP$930 million (USE$115 million) per day before falling to MOP$500 million (US$62 million) on days seven and eight.
This, they added, places Golden Week GGR more than 10% higher than expectations and implies 80% recovery on 2019 Golden Week levels.
Mass market GGR was between 110% and 120% of comparable 2019 numbers.
“In short, Macau’s Golden Week turned out to be pretty golden – much better than we and the market had feared,” the analysts explained.
More color is expected to become available from late next week when Sands China becomes the first of Macau’s concessionaires to release its 3Q23 earnings results and host its subsequent earnings call.
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