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China – Mass gaming to eclipse pre-pandemic levels by 15 per cent in 2023

By - 13 January 2022

A ‘more normalised 2023’ will see Macau’s casino sector produce EBITDA similar to pre-pandemic levels, with mass gaming surging passed 2019’s figures by 15 per cent to make up for a continued downturn in VIP gaming, according to analysts at Sanford C. Bernstein.

Vitaly Umansky, an analyst at the ratings agency, saying overall revenues will be back up to just over 80 per cent of pandemic although VIP gaming will be low at 28 per cent of 2019 revenues.

“VIP will remain a fraction, [on 2019’s figures] largely on Direct VIP, with likely some junket agent business as well, but we assume no junket run room operations returning.”

This year is likely to see GGR increase to 44 per cent of pre-COVID levels with mass gaming at 66 per cent and VIP at just nine per cent.

“While Macau will continue to experience soft revenues during the first half of the year, we expect travel resumption from Hong Kong to begin by end of Q1/early Q2 and improved travel from China in the summer leading to improving GGR through the course of 2022

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