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China – JP Morgan believes Macau’s mass gaming revenues will reach pre-pandemic levels in October

By - 10 July 2023

JP Morgan is tipping Macau’s mass market GGR to reach 100 per cent of pre-pandemic levels by October, with continuing signs of recovery during the first week and a bit of July.

JP Morgan analysts DS Kim and Mufan Shi believe gaming revenues from July 1 to 9 reached US$599m at equating to an average of US$66m, more than the US$62.5m estimate per day for the second half of the year.

Kim and Shi said: “While we note this period benefited from two weekends, this is a very solid print. In fact, it’s again the highest non-holiday GGR since the pandemic and bodes well for upcoming summer holidays. At this level, we believe mass GGR is comfortably running at 90 per cent+ of pre-COVID level, and we continue to expect 100 per cent + recovery in mass by October.”

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