The gaming revenue in the Chinese territory of Macau has continued to exceed expectations, with a promising performance in the first 17 days of December. According to a memo from JP Morgan Securities (Asia Pacific) Ltd, the gross gaming revenue (GGR) reached MOP542 million a day, which is an increase of MOP22 million from the previous week.
The analysts from JP Morgan had initially projected a revenue of MOP9 billion (US$1.12 billion) for the first 17 days of December, equating to approximately MOP529 million per day. However, the actual results surpassed these expectations, indicating a strong performance for the month.
Despite the challenges posed by the COVID-19 pandemic, Macau is inching closer to its pre-pandemic levels. The mass GGR has been reported to be “running at around 100 percent,” signifying a significant recovery for the city’s gaming industry. While VIP GGR levels are still below pre-pandemic figures, they have shown improvement, with authorities attributing the lower levels to the misfortune of Macau operators.
Looking ahead to the rest of December, it is anticipated that the total GGR for the month will reach approximately MOP17 billion, averaging MOP550 million per day. The strong performance is expected to drive fourth-quarter GGR growth by 8 percent quarter-on-quarter, particularly in the mass market segment.
The previous quarter also saw positive results, with a 7.3% increase compared to the preceding quarter, totaling MOP48.1 billion in GGR. Notably, baccarat play for the mass market remains the most popular gaming option in Macau, accounting for 61% of the total GGR, or MOP29.77 billion.
Overall, the outlook for Macau’s gaming industry appears optimistic, with the city steadily regaining its momentum and moving closer to pre-pandemic levels. With strong performances in December and the previous quarter, the gaming revenue in Macau is poised for further growth in the foreseeable future.