Macao’s gross gaming revenue (GGR) for the first quarter of 2024 is expected to increase by more than 5 percent quarter-on-quarter, according to industry analysts cited by gaming specialist publication GGR Asia.
Pundits at JP Morgan stated that Macao’s GGR in the initial two months of this year was tracking at 7 percent higher than levels in the fourth quarter of 2023. The forecasters concluded from this that “first quarter GGR can grow +5 percent.”
Analysts at Deutsche Bank predicted GGR growth at 5.6 percent for the first quarter of 2024, equivalent to US$7.15 billion. However, the figure is down 25 percent from the comparable period in 2019 – the last year before the Covid-19 pandemic struck.
[See more: Macao’s gross gaming revenue fell by 4.4 percent in February]
The bank’s Carlo Santarelli said he meanwhile expected Macao’s casinos to generate a revenue of US$2.42 billion in March, or a 5.7 percent month-on-month rise from February’s US$2.29 billion (18.48 billion patacas).
Full-year forecasts for GGR in 2024 range from Morgan Stanley’s estimate of 234 billion patacas (28 percent growth) to Deutsche Bank’s forecast of 221 billion patacas (20.6 percent growth).
The Macao government has posted a more conservative figure of 216 billion (18 percent growth).
