Gaming revenues in March have indicated that mass GGR has finally hit “70 percent-plus of pre-Covid levels for the industry,” according to brokerage firm JP Morgan Securities (Asia Pacific) Ltd.
Casinos last month hit their highest revenues in three years following the tourism boost as the city dropped its adherence to a zero-Covid policy.
According to the institution’s estimate, “March run-rate of MOP411 million a day… should reassure investors of a clear sequential ramp in demand,” wrote analysts DS Kim and Mufan Shi,” as cited in a report issued by GGR Asia.
Revenues during the first quarter totaled MOP34.64 billion, a staggering increase of nearly 95% compared to the quarter prior.
The casino sector is on a comeback as revenues are hitting high, with the first three months totaling about 82.1% of last year’s GGR.
Such figures have been long awaited by the sector, as casinos have bled cash for nearly three years, alongside the junket crackdown and license gaming law overhaul.
Last week, Moody’s Investors Service Inc said in a note that Macau’s GGR could reach 45% of pre-pandemic levels, while the mass-market GGR was likely to “improve to 75 percent” of pre-pandemic times. LV
