JP Morgan: November GGR ‘surprisingly high’, December likely higher

The American multinational banking and investment consultancy firm JP Morgan has acknowledged local casino results as surprisingly high.

In the company’s latest report, JP Morgan market analysts said that, despite November being traditionally a weak month for Macau casinos, they posted MOP21.1 billion last month, leading them to predict a strong end-of-year, with even higher results expected in December.

Leading the earnings, they said the mass-market segment grew 12–13% year-on-year, while the VIP segment also grew in November.

Last month’s results put casino gross gaming revenue (GGR) at 92% of pre-pandemic levels.
Given this strong performance, JP Morgan forecasts a continued strong trend, with results in December expected to be even higher.

Analysts predict that December results could grow between 15% and 20% year-on-year, equivalent to GGR ranging from MOP20.93 billion to MOP21.84 billion.
If this occurs, it would represent a quarterly increase of around 16% year-on-year compared to 2024 and the best quarterly results in the past six years.

Kam Pek closes, Fortuna to follow
The Kam Pek Paradise casino, one of the satellite casinos operating under the SJM license, closed its doors at midnight yesterday.
Kam Pek is the penultimate satellite casino to close before the December 31 deadline set by the new gaming law that came into force on January 1, 2023.

Completing the list will be the Fortuna Casino, which will close next week (Dec. 9 at 11:59 p.m.). Fortuna will be the last of the 11 satellite casinos to shut down this year, including Grandview, Legend Palace, Fortuna, Landmark, Ponte 16, Le Royal Arc, Emperor Palace, Kam Pek Paradise, and Casa Real of SJM Resorts, S.A., Grand Dragon of Melco Resorts (Macau) S.A., and Waldo of Galaxy Casino, S.A.

Of these, only Le Royal Arc will resume operations after SJM completes its full acquisition.