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.
According to the latest investment memo, Macau’s GGR for the first 23 days of October is estimated at MOP14.6 billion ($1.81 billion), or MOP635 million ($78.7 million) per day. October GGR is estimated to reach a range of MOP18.5 billion ($2.3 billion) to MOP19 billion ($2.35 billion).
‘This implies last week’s run-rate has normalized back to MOP575 million ($71.2 million) a day, up 20 percent week-on-week from the post-holiday slow-down.’
If achieved, this implies 72 percent of October 2019 levels, led by a 100 percent recovery in mass and nearly 25 percent in the VIP segment.
In the research conducted by Citigroup that was released earlier, the analysts forecast that Macau’s October GGR could reach MOP19.5 billion ($2.43 billion), with the daily average at MOP594 million ($74 million) in GGR.
In general, the Macau authorities are forecasting more visitors coming in the fourth quarter of the year, as more events are planned to be held by the end of the year.
In the first three quarters of 2023, the number of visitor arrivals expanded by 356.6 percent year-on-year to 19,928,168. And the tourism authorities are expecting to receive 24 million visitors by year-end.