Citing industry inspection results, JPMorgan Securities (Asia-Pacific) on Monday said Macau’s total casino gross gaming revenue (GGR) daily utilization rate for the first 10 days of March was MOP610 billion ($75.7 million), in line with “normal seasonality.”
JPMorgan analysts DS Kim, Mufan Shi and Selina Li said the city’s casino GGR was 6.1 billion MOPs from March 1 to March 10.
“This represents a utilization rate of 610 million daily MOPs, 3% below the 630 million daily MOPs for the first two months of 2024,” the agency said.
But analysts noted this was “consistent” with the historical trend of a 4% month-on-month drop in utilization rates, which is common in March compared with the Lunar New Year season in January or February.
Macau casino GGR in February fell 4.4% month-on-month to 18.49 billion MOPs, despite what investment analysts described as a “strong performance” during the Chinese New Year holiday, which included Feb. 10-17.
“This indicates that demand has actually remained resilient or at least in line with normal seasonality after the Lunar New Year holiday,” the JPMorgan team wrote, referring to the GGR utilization rate for the first 10 days of March. “The omission of the February GGR could be attributed to lucky factors as well as higher market expectations (unnecessarily) rather than a sharp (unnecessarily) slowdown in demand after the holiday.”
Analysts estimated that Macau’s bulk GGR, including gaming revenue generated from slot play, is tracking about 110% of pre-COVID-19 pandemic levels on a monthly basis.
“This compares with a 104% recovery in the fourth quarter of 2023 and suggests that demand for bulk gaming may increase 3% to 4% quarter-on-quarter in the first three months of the year.”
These results mean they again outperform the historic seasonal “+2% quarter-over-quarter,” the JP Morgan team wrote.
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