Good Morning. Rise and shine. That’s what Macau has been doing since its borders were reopened in January, with strong first-half results by the six operators pushing up estimates for 2023. Morningstar is now predicting $22.5 billion in GGR for this year, as mass surges and VIP continues to contribute. Meanwhile in Russia, Summit Ascent has seen its revenue plateau, while the company is incurring losses from the drop in the value of the Russian Ruble.
What you need to know
- Analyst from Morningstar predicts Macau’s industry GGR to hit $22.5 billion in 2023 after the six gaming operators released their 1H23 results.
- Russian gaming operator Summit Ascent’s gaming revenue remained flat in 1H23, but the firm still incurred losses due to the Russian Ruble’s drop.
On the radar
- Macau Jockey Club banned from accepting foreign bets.
- ACMA blocks more illegal offshore gambling websites.
- Labor expenses from satellite casinos “area of weakness” for SJM.
- Macau police bust criminal group with counterfeit chips.
- Macau sees 15-fold surge in MICE visitor arrivals in 1H23.
The first half-year results from Macau’s six gaming concessionaires have been positive, causing a Morningstar analyst to up the overall prediction for 2023. Gross gaming revenue is now expected to hit $22.5 billion this year, some 62 percent of 2019 levels. The recovery is expected to be largely driven by mass play, despite a resurgence of VIP at various properties in the gaming hub.
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