Macau’s casino revenues for the first 10 days of the month have reached MOP4 billion, implying a daily run rate of around MOP400 million, according to data from Citigroup.
As cited in a report issued by GGR Asia, Citigroup analysts George Choi and Ryan Cheung stated that the daily run rate “was lower than that of the final 12 days of March 2023 at circa MOP495 million a day (we believe that might have been padded by some favourable hold rate).”
JP Morgan analysts gave the same estimate, where they noted, “We’d say around 5 to 10% deviation is possible for any given week, and we feel the actual GGR could be a tad stronger than MOP400 million per day.”
Tourists have swarmed the city since its reopening and the growth rate has been steady, particularly during the Ching Ming and Easter holidays where it recorded an average of 80,294 tourist arrivals from April 5 to 10. The highest was on April 8 where the SAR welcomed 85,875 tourists, arrivals businesses have long awaited.
The six-day holiday has reached over 481,765 visitors.
According to Citigroup, “Based on industry sources, VIP volumes were down approximately 10 percent month-on-month and mass volumes were largely flat month-on-month. VIP hold rate appears to be around normal level.”
The institution has forecasted that the gross gaming revenue (GGR) this month would amount to MOP12 billion. If such figures persist, Macau would be able to achieve its forecast of reaching MOP130 billion in GGR this year.
Casinos generated a GGR of MOP12.738 billion in March 2023, the city’s best month since January 2020. LV
