Macau’s gross gaming revenue (GGR) for the first 10 days of March was approximately MOP6.1 billion, with an average daily GGR of around MOP610 million.
Citi Research reported that, despite a slight decrease in gambling activities during the National People’s Congress week, the impact on Macau’s GGRs seemed limited, with VIP room volumes down about 5% and mass market volumes dropping between 3% and 5% compared to the previous month.
JP Morgan’s analysts suggested the lower February GGR could be attributed to luck and high market expectations, rather than a significant demand slowdown after the holiday.
They estimated Macau’s mass GGR, including revenue from slot play, is about 110% of the pre-Covid-19 level. This indicates a potential 3-4% quarter-on-quarter growth in the first quarter of this year, surpassing the historical seasonality of +2% quarter-on-quarter.
Considering these factors, both firms are maintaining a conservative forecast of MOP19.5 billion for March, equivalent to 75% of the GGR level in March 2019. This implies an average daily run-rate of around MOP638 million for the rest of March. Staff Reporter
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