Macau’s December Gaming Revenue Surpasses Expectations

Surpassing forecasts, Macau’s casino gross gaming revenue (GGR) reached an estimated MOP9 billion (US$1.12 billion) in the first 17 days of December, or about MOP529 million per day. JP Morgan Securities (Asia Pacific) Ltd. reports this encouraging result and cites industry verification.

Based on JP Morgan’s study, the casino’s gross gaming revenue (GGR) increased to an estimated MOP542 million per day last week, up from MOP520 million per day the week before. This suggests a continuous increase in Macau’s gaming income for the month of December.

Mass GGR at Pre-Covid Levels

According to the most recent statistics, Macau’s mass GGR is presently functioning at about 100% of pre-Covid levels. But according to reports, VIP GGR is “mid- or high-teens” of pre-Covid levels, mostly due to things like the operators’ bad luck.

DS Kim, Mufan Shi, and Selina Li, three JP Morgan analysts, predicted that full-December GGR may be as high as MOP17 billion, with an average daily run rate of around MOP550 million. They expect further increase in the days that remain in the month, particularly during the holidays.

The analysts note, “This would also imply fourth-quarter GGR to grow by 8 percent quarter-on-quarter (with mass being a tad stronger, say 9 percent quarter-on-quarter), which in turn could drive 8 percent to 10 percent quarter-on-quarter growth in industry EBITDA [earnings before interest, taxation, depreciation, and amortization] versus historical seasonality of 5 percent growth quarter-on-quarter before Covid-19.”

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With a third-quarter GGR of MOP48.81 billion, Macau saw a 7.3 percent growth over the previous quarter. At MOP29.77 billion, mass-market baccarat play accounted for over 61% of the city-wide GGR total for the third quarter.

The gambling revenue trends in Macau are favorable, indicating a strong comeback for the industry that has surpassed post-pandemic predictions.

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