July to be the best GGR month so far: JP Morgan
Analysts from the financial services firm JP Morgan Securities (Asia Pacific) Limited are forecasting that July 2023 will be the best month so far in terms of Gross Gaming Revenue (GGR) for this year.
The company, whose line of business includes the purchase, sale, and brokerage of securities, has issued a report of expected results based on the first two weeks of this month, noting that up to July 16, local casinos should have made some MOP8.25 billion, an average per day of MOP515 million.
According to the results of the second quarter of this year (April to June), the average daily earnings from the local gaming industry was about MOP500 million per day.
Based on the same results from the first two weeks of July, JP Morgan analysts expect GGR in July to be above MOP16 billion.
If achieved, this will be the best monthly result of 2023, overthrowing May, when GGR reached MOP15.57 billion, and the best result since January 2020, just before the Covid-19 outbreak when GGR was MOP22.13 billion.
As also noted by the brokerage company, the result would also mean that local casinos have recovered to about 90% or more from their pre-pandemic levels with analysts stating, “We continue to expect a 100-percent-plus recovery by October.”
As previously reported, Macau’s casino GGR stood at MOP80.14 billion in the first half of this year, a figure that although somewhat positive is still very far from the MOP149.50 billion achieved in 2019.
VIP baccarat revenues at MOP12b in Q2
The casinos VIP baccarat recorded an increase of revenue in the second quarter, totaling MOP12.16 billion, according to data provided by the Gaming Inspection and Coordination Bureau. The figure represents an increase of 41.9% compared to the first quarter.
VIP baccarat accounted for 26.7% of the city’s GGR from April to June.
Mass-market baccarat revenues rose by 30.1% to nearly MOP26.68 billion, holding 58.6% of the market share.
Slot machine revenues, meanwhile, stood at MOP2.65 million, holding a market share of some 5.8%.
Revenue brought by the mass-market segment accounted for 73.3% of the GGR revenues during the second quarter, which amounted to MOP33.34 billon.
