Casino revenue hitting MOP527 million daily

The city’s gross gaming revenue (GGR) may have amounted to approximately MOP9.5 billion in the first 18 days of June, according to Citigroup, citing industry data. 

The figure implies a daily run-rate of roughly MOP527 million for the past week, up 8% week-on-week.

The broker said industry data reflected a largely flat VIP GGR run-rate on a month-on-month basis over the period, and a month-on-month uptick of about 5-7% for the mass GGR run-rate.

Citigroup also ramped up its June GGR forecast from MOP13.5 billion to MOP15.5 billion, translating into a daily run-rate of about MOP500 million for the rest of this month.

Also, in a recent note from JP Morgan, the revenue of MOP9.5 billion in the first 18 days of the month was boosted by the large events and shows organized by some of Macau’s gaming operators.

Citibank last week noted revenue is believed to be “mainly due to the number of visitors driven by Jacky Cheung’s concerts held from June 9 to 11.”

Meanwhile, according to JP Morgan, if the same trend in the last two weeks is confirmed, June revenue will total over MOP15 billion, surpassing May’s MOP15.6 billion revenue, when the casino sector saw a surge of 366% from a year ago.

Last month’s revenue again hit a three-year high following the end of pandemic-related restrictions that led to heavy losses and economic downturn.

In the first four months of this year, casino revenues surpassed the total amount generated in the entirety of last year, which was MOP42 billion.

For the first five months of 2023, revenue totaled MOP64.93 billion, representing a significant 172.9% year-on-year increase. LV