The latest investment memo from JP Morgan reveals that Macau's gross gaming revenue (GGR) from the mass segment has surpassed pre-COVID benchmarks for the first time, reaching 105 percent of the October 2019 levels.
The investment bank JP Morgan expects Macau’s October gross gaming revenue to hit a new post-COVID high, surpassing the post-pandemic record of MOP17.2 billion ($2.1 billion) achieved in August this year.
Macau's gross gaming revenue (GGR) reached an estimated MOP$6.65 billion ($826 million) for the 8-day-long National Day Golden Week from September 29th to October 6th, according to JP Morgan.
The impact of Super Typhoon Saola and the heavy rainstorms in Macau's gross gaming revenue (GGR) should make September a 'month to forget', brokerage JP Morgan indicates in a recent report.
Macau's gross gaming revenue reached an estimated MOP$7.2 billion ($894 million) for the first 13 days of August. This suggests that last week's GGR increased by 7 percent week-on-week to MOP570 million ($70.76 million) per day, compared to MOP530 million ($65.8 million) per day in the previous weeks.
Macau’s mass market gross gaming revenue recovered to 93 percent of pre-COVID levels in July 2023, reaffirming the bullish outlook over Macau gaming, say analysts.
Stocks in Macau’s gaming operators rose on Wednesday following the relaxation of testing requirements for visitors from Guangdong, which were seen as a “baby step” to normalization, J.P. Morgan said.
Rising oil prices as a result of Russia’s invasion of Ukraine is unlikely to have a major impact on gaming spending in Australia, according to analysts at JP Morgan.
Genting Bhd, Genting Malaysia and Genting Singapore are insulated from their beleaguered sister company in Hong Kong and investors should focus on the upside in the group from reopenings and the ramp up of Resorts World Las Vegas, J.P. Morgan said in a note.