Brokerage J.P. Morgan said that Macau’s daily gross gaming revenue last week stood at around MOP400 million (US$49.5 million), calling it “the best non-holiday print” in over three years.
The figure represented an over 45 per cent recovery compared with pre-Covid levels for headline gross gaming revenue, in turn suggesting that mass-market gaming revenue had recovered to 65 to 70 per cent of pre-pandemic levels, J.P. Morgan analysts DS Kim and Mufan Shi noted in a recent report.
In the meantime, the two analysts estimated the recovery in the VIP segment at around 15 per cent of pre-Covid levels, saying that it did not “really move the needle much” when it came to profits and cash flow given a low margin of high-single-digit.
Based on a check by the pair, the gross gaming revenue for the first 19 days of February could reach MOP7.2 billion, or a daily average of MOP375 to MOP380 million.
The figure is slightly ahead of the “strong and well-telegraphed beat” in January’s daily average gross gaming revenue of MOP374 million, and the print appeared to be “very solid ” considering the slow seasonality after the long holiday, the two analysts said.
“We continue to stay upbeat about a solid recovery path from here,” they stressed.
