Macau’s gross gaming revenues have fallen to their lowest level in more than six months in June, with GGR for the first 23 days estimated at MOP$13.3 billion (US$1.65 billion) or MOP$578 million (US$71.9 million) per day, according to JP Morgan’s weekly channel checks.
This suggests the daily run-rate fell to MOP$514 million (US$63.9 million) over the past week, the lowest level in over six months, with JP Morgan analysts stating the decline “was mostly due to soft seasonality” – impacted by post-holiday slow-down, the apparent impact of UEFA Euro 2024 and poor VIP win rate.
“June is the seasonally weakest month of the year anyway,” the investment bank added, “but the print was still disappointing as it suggests modest downside risk to our monthly GGR forecast of MOP$17.5 billion to MOP$18 billion (US$2.18 billion to US$2.24 billion).
JP Morgan estimates mass GGR to be at 105% of pre-COVID levels through the first 23 days of June with VIP in the low-20% range.
“For 2Q to date, the print suggests GGR is likely to edge down 2% to 3% quarter-on-quarter, led by -2% in mass and -5% in VIP, in-line with our printed forecasts,” the analysts said.
RelatedPosts
MGTO says Macau averaging 95,979 daily visitor arrivals in July
TUE 30 JUL 2024 AT 05:28
CLSA: Thailand gaming market could generate annual GGR of US$15 billion
MON 29 JUL 2024 AT 18:52
Macau hotels record 1H24 occupancy rate of 84%
MON 29 JUL 2024 AT 13:46
Number of people employed in Macau gaming industry falls to 70,300 in 2Q24
SAT 27 JUL 2024 AT 09:08