Operator News
Mass gaming’s daily run rate continuing to exceed pre-COVID revenues in March
By Phil - 25 March 2024
Macau’s casinos generated daily GGR of US$77.1m for the first 24 days of March, coming in at ‘only one per cent to two per cent below’ the average in the first two months of 2024 and being ‘a tad better than historical trend of -four per cent,’ according to analysts at JP Morgan.
DS Kim, Mufan Shi, and Selina Li said: “This also suggests that last week’s run-rate remained steady and solid at MOP628m a day (flat week-on-week), showing no sign of slowdown in underlying demand. Mass GGR is running at circa 110 per cent of pre-Covid levels month-to-date.”
This was also the case for the first two months of 2024.
“This compares with a 104 per cent recovery in fourth-quarter 2023, suggesting mass gaming demand can grow by three per cent to four per cent quarter-on-quarter in first-quarter 2024, to outperform the historical seasonality of two per cent quarter-on-quarter,” they added. VIP seems to have remained at around mid-20s of per cent [of COVID revenues] showing little sign of change in underlying demand. We continue to model March to print a GGR of circa MOP19bn, which will drive first-quarter GGR to grow five per cent quarter-on-quarter – or over 60 per cent year-on-year – to be yet another post-pandemic highs.”
