Good morning. Fighting against the current. Despite weak macroeconomic conditions and consumer sentiment Macau’s gaming sector celebrated a remarkable performance in October, JP Morgan remarked, achieving a mass GGR of MOP20.8 billion ($2.5 billion), the highest ever recorded. Meanwhile, Andrew MacDonald has stepped down from his role as director and chief casino officer of Genting Singapore’s Resorts World Sentosa (RWS). In South Korea, the operator of the Jeju Dream Tower casino resort, Lotte Tour, has seen a notable improvement in gaming revenues.
What you need to know
- Macau’s mass GGR hit an all-time high in October, reaching 113% of pre-COVID levels, according to JP Morgan, amid economic challenges.
- Andrew MacDonald steps down from his role at Resorts World Sentosa after two years, effective November 1st.
- The operator of the Jeju Dream Tower casino resort, Lotte Tour, reported a 22 percent rise in gaming revenue in October.
On the radar
- Rich Goldman quits junket operations.
- Philippines to deport eight foreign nationals suspected of fraud and POGO activities.
- Wynn Al Marjan to transform RAK into the world’s 4th major gaming market.
- PAOCC distances itself from “flawed” POGO raid in Manila.
AGB Intelligence
MACAU
Macau’s all-time high October GGR “impressive”
Macau achieved a particularly impressive GGR in October given the headwinds posed by weak macroeconomic conditions and consumer sentiment, JP Morgan indicated. In October, Macau’s gaming sector achieved a record mass gross gaming revenue (GGR) of MOP 20.8 billion ($2.5 billion), an all-time high and 113 percent of pre-COVID levels, driven by strong demand during the Golden Week holiday. Despite anticipated challenges in December due to President Xi’s visit for the city’s 25th anniversary, JP Morgan projects a 2-3 percent quarter-on-quarter GGR increase in Q4, marking the first sequential rebound in three quarters.
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