Macau’s casino revenues surged 67% year-on-year in January to MOP19.3 billion, beating analysts’ estimates as the sector continues its recovery ahead of the Chinese New Year.
Data from the Gaming Inspection and Coordination Bureau yesterday showed the January result beat the median analyst estimate of a 63.3% year-on-year increase, and has returned to 78% of the pre-pandemic levels.
Morgan Stanley has forecast MOP18.8 billion and the market’s general forecast MOP18.9 billion, the Morgan Stanley report said.
The daily average GGR stands at MOP624 million, beating the market’s expectation of an average daily GGR of MOP626 million for the whole year.
Morgan Stanley said the January 2024 GGR has recovered to about 78% of the same period in 2019, representing a further improvement from the recovery of 75% in 4Q23, as cited in reports.
Morgan Stanley has also forecast that the February GGR can reach MOP20 billion, and that the average daily GGR will reach MOP691 million, up 4% month-on-month, with an expectation of strong takings during the Lunar New Year
Hotel occupancy is like 2019 levels, and concerts during the holiday could boost tourism, according to Morgan Stanley.
A Bloomberg survey of eight brokerages shows the city’s gaming revenue is expected to return to 78% of pre-Covid levels this year, with mass-market takings set to beat 2019’s level by 14%.
Meanwhile, a recent Fitch report shows mass market baccarat has almost fully recovered to 2019 levels, particularly in the premium mass segment, which is Wynn’s target market.
Mass market baccarat reached 91% of the full year 2019 levels, although fourth quarter of 2023 levels exceeded the same period in 2019 levels.
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