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JP Morgan predicts casinos will generate 17 billion patacas in revenue this month

That would be more than November’s revenue intake, and more than enough to get the year’s total above 180 billion patacas.

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That would be more than November’s revenue intake, and more than enough to get the year’s total above 180 billion patacas.

ARTICLE BY

PUBLISHED

READING TIME

Less than 1 minute Minutes

UPDATED: 21 Dec 2023, 11:04 pm

December’s gross gaming revenue (GGR) will hit 17 billion patacas – bringing 2023’s total to 181.4 billion – if investment bank JP Morgan has its latest predictions right.

The bank’s recent investment memo suggests industry earnings before interest, taxes, depreciation, and amortisation will experience quarterly growth of between 8 and 10 percent, surpassing the pre-Covid average of 5 percent, Asia Gaming Brief reports

November saw Macao’s casino operators generate combined GGR of just over 16 billion patacas, down from October’s post-pandemic high of 19.5 billion patacas.

[See more: The amount of gaming tax collected in 2023 will outstrip official forecasts]

Accumulated GGR at the end of November stood at 164.4 billion patacas. If December yields another 17 billion, total GGR for 2023 will be 181.4 billion patacas.

The government originally set a GGR target of 130 billion patacas for the year, while analysts have been predicting an annual total of 180 billion patacas or more.

US credit ratings agency Fitch Ratings recently predicted that 2024 will generate 231 billion patacas in GGR.

 

UPDATED: 21 Dec 2023, 11:04 pm

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