Macau Casinos Making $67 Million Daily And Heading to Full Market Recovery
Macau’s gaming industry generated around MOP$3.2 billion (US$400 million) in gross gaming revenues over the first six days of August. The analysts of the investment bank JP Morgan noted that the region’s daily revenue amounted to around MOP$533 million (US$66.7 million) from August 1 to 6, 2023 testifying about the continuation of the trend seen in the Macau market in July, Inside Asian Gaming reports.
August Generates $66.7 Million Per Day:
JP Morgan’s analysts DS Kim and Mufan Shi reportedly noted that the Macau gaming industry generated the average of MOP$537 million (US$67.2 million) per day over the previous month to show rather flat figures of the industry coming to the average of MOP$533 million (US$66.7 million) for the first six days of August. However flat, these figures reportedly represent a steady growth expected to be experienced in the forthcoming period.
JP Morgan’s analysts DS Kim and Mufan Shi reportedly commented: “While it’s tough to draw any meaningful trends from six-day data, this implies mass GGR is comfortably tracking at 90-percent-plus of the pre-Covid level.” They added: ”We continue to expect it to ramp up to 100%+ recovery by October,” as GGRAsia reports.
July Record:
GGRAsia also reports that the analysts compared the July performance of the market with the preceding quarter and noted that the mass segment recovered 92 to 93 percent during the month of July to generated a total of MOP16.66 billion ($2.06 billion). As reported, the recovery percentage achieved by the Macau gaming industry in July outperformed the revenues from the second quarter of 2023 which saw the recovery of around 87 to 88 percent.
At the same time, Inside Asian Gaming reports that the July revenue level of $ 2.06 billion represents a new post-pandemic record in monthly wins achieved by the region’s gaming industry. The figure brought by the Gaming Inspection and Coordination Bureau (DICJ) is reportedly more than 40 times higher than the level reached in July 2022 and 9.6% higher than June 2023.
Full Recovery Expected in October:
For this reason, JP Morgan analysts use the July and August daily averages to reportedly expect that the Macau’s gaming industry will experience a 95 percent recovery already by the end of the third quarter 2023.
As reported by GGRAsia, the investment bank experts expect that the recovery will extend in the beginning of the fourth quarter and that the Macau’s gaming industry will be generating such level of daily revenues that will bring about a 104 percent recovery already in October 2023 and set the full-year gross gaming revenues at a level of MOP184.2 billion ($22.92 billion).
