Brokerage J.P. Morgan reported that Macau’s gross gaming revenue (GGR) for the first 10 days of March was MOP6.1 billion (US$760 million), implying a daily run-rate of MOP610 million.
In a Monday update, analysts DS Kim, Mufan Shi and Selina Li noted that this figure represents a 3 per cent decrease compared to the MOP630 million daily run-rate in February, which is in line with the historical trend of 4 per cent month-on-month decline.
According to the report, this indicates that demand ‘remained resilient’ after the Chinese New Year holiday.
J.P. Morgan analysts estimate that mass GGR is currently running at around 110 per cent of the pre-Covid level, consistent with the trends observed in February.
This surpasses the 104 per cent recovery recorded in the fourth quarter of 2023, suggesting that mass gaming demand can grow by 3-4 per cent quarter-on-quarter in the first quarter of 2024, outperforming the historical seasonality of a 2 per cent quarter-on-quarter increase.
