Analysts at JP Morgan have said that Macau’s casinos enjoyed their most profitable week since before the pandemic with May’s Golden Week delivering GGR equating to half what the Macau casino sector generated pre-COVID.
JP Morgan’s DS Kim, Derek Choi and Livy Lyu described GGR figures for the holiday period said May’s Golden Week figures were ‘broadly satisfactory’ with daily revenues ‘reflecting pent-up demand.’
Attendance remained down at around a quarter of 2019’s May Golden Week figures but revenue was up to 50 per cent with mass gaming recovering to between 60 and 70 per cent. for mass GGR compared with 20% to 25% for VIP.
The JP Morgan Analysts said: “Weekly GGR data from industry consultants is scheduled to come out on Monday for the first nine days of May. The data will encompass both holiday (May 1-5) and seasonal lull (May 6-9), hence will likely come in at MOP$330m to MOP$380m (US$41.2m to US$47.5m) per day. This in turn suggests May should be able to print GGR of MOP$9.5bn-plus (US$1.2bn), a tad better than consensus expectations.”