Investment bank CICC remained bullish on Macau’s gaming industry, expecting the sector to recover to 77% of pre-pandemic gross gaming revenue (GGR) levels.
In a research report, the CICC noted that the sector expected to see continued normalized growth. Performance in the mass segment is expected to continue to perform strongly, while the VIP segment is expected to remain subdued. Amid the strong growth and recovery, the investment bank maintained its 2024 GGR forecast for Macau, and stated that it anticipates GGR to recover to 77% and 83% of 2019 levels in 2024 and 2025 respectively.
Meanwhile, analysts from Hong Kong-based financial services firm CLSA Limited believe the 12 months ahead will further improve Macau’s pandemic comeback. In a note issued earlier last week, the group said it expects GGR in Macau to recover to 82% of 2019 levels this year.
The SAR government, meanwhile, is confident that the city’s GGR for 2024 will amount to MOP216 billion, a surge from last year’s expectations of MOP130 billion, as 2023 gaming sector income hit MOP183 billion. LV
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