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Casinos did better during golden week than predicted

JP Morgan’s figures suggest the holiday saw higher daily revenue averages than any post-pandemic period to date.

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JP Morgan’s figures suggest the holiday saw higher daily revenue averages than any post-pandemic period to date.

ARTICLE BY

PUBLISHED

READING TIME

Less than 1 minute Minutes

UPDATED: 21 Dec 2023, 11:09 pm

The Mid-Autumn and National Day holidays brought in an estimated 6.65 billion patacas (US$825 million) in gross gaming revenue (GGR) – more per day than any post-pandemic period yet. That’s according to analysis by investment bank JP Morgan, cited by gaming industry media.

Average daily revenue across the eight-day “golden week” was believed to be about 830 million patacas. 

The first six days (29 September to 4 October) were the top earners, with casinos collectively raking in about 930 million per day. That fell to 500 million patacas for each of the final two days.

Analysts said the result was 10 percent higher than exceptions and about 80 percent of what casinos made during the same period in 2019.

[See more: Not everyone’s a winner this Golden Week Holiday, retailers complain]

“In short, Macao’s golden week turned out to be pretty golden – much better than we and the market had feared,” they said.

If JP Morgan latest figures are confirmed, the golden week’s GGR will see the SAR’s accumulated GGR for the year surge past the government’s 2023 target of 130 billion patacas.

At the end of September, accumulated GGR already stood at 128.95 billion patacas

More than 932,000 people visited Macao during the recent holiday, not far off 2019’s pre-pandemic record of 974,337.

 

UPDATED: 21 Dec 2023, 11:09 pm

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