Macau’s casino gross gaming revenue (GGR), estimated by JP Morgan Securities (Asia Pacific), citing its own checks, reached 8 billion MOPs ($999.9 million) during the May 14 period. In a note on Monday, the brokerage said it meant a $570 million per day execution rate on the MOP.
“This means the GGR remained at around 500 million MOPs a day last week, also in a seasonally slow week after the long holiday, meaning the industry generated more than 400 million MOPs before the Labor Day holiday,” DS Kim and Shi Mufan analysts wrote. 경마사이트
They added: “In other words, the (very) strong print of the holiday was not just a week’s surprise and it appears to have had the effect of raising the benchmark demand level, similar to what we saw when we stood at the end of January.”
The first three days of May were part of a five-day break in mainland China, starting on April 29 and including Labor Day on May 1.
According to the brokerage, the May 14 print suggests that demand for bulk market gambling continues “from about 80% to 85% of pre-COVID levels even after the holidays, while VIPs are recovering from about 25% to 30%.”
The agency said the VIP GGR recovery seen in the first half of May means “direct VIP revenue is likely to double compared to pre-COVID levels, given the demise of the junket.”
“VIP still doesn’t move the needle on profit/cash flows, but we believe this level of recovery is pretty impressive nonetheless,” JPMorgan analysts said.
Macau’s casino GGR was 14.72 billion MOPs in April, up 15.6% from March. The April tally rose 449.9% year-on-year, official data showed.