Macau’s gaming industry likely generated gross gaming revenues of MOP$1 billion (US$124 million) per day during the eight-day Chinese New Year holiday period, the first time in four years it has achieved the milestone, according to investment bank JP Morgan.
In a Monday note, analysts DS Kim, Mufan Shi and Selina Li said this placed it well above the MOP$900 million (US$112 million) in daily GGR generated during the October 2023 Golden Week holiday. Mass gaming revenues are estimated to have reached 120% of pre-COVID levels, around 10% higher than the pace of recovery in recent months.
“All-in, we would characterize this Lunar new Year performance as good enough to meet recently elevated expectations of the market,” they wrote.
For the first 18 days of February combined, JP Morgan estimates total GGR reached MOP$12.5 billion (US$1.55 billion), or MOP$694 million (US$86 million) per day. For the past two weeks only, the daily run-rate is estimated at MOP$715 million (US$89 million) – comfortably beating JP Morgan estimates of MOP$650 million (US$81 million) per day.
The investment bank is now predicting February GGR to rise by at least 80% year-on-year to MOP$19 billion (US$2.36 billion), which would also represent the highest daily run-rate in over four years.
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