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Mass market gaming revenue is almost at 95 percent of pre-pandemic levels

JP Morgan says the third-quarter result would have been even better without the stormy weather that swept Macao in September.

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JP Morgan says the third-quarter result would have been even better without the stormy weather that swept Macao in September.

ARTICLE BY

PUBLISHED

READING TIME

Less than 1 minute Minutes

UPDATED: 21 Dec 2023, 11:09 pm

Macao’s mass market gaming revenue has almost bounced back to pre-pandemic levels, according to a JP Morgan report cited by TDM.

The segment brought in 93 to 94 percent of what it did in the third quarter of 2019 – the last year before Covid-19 hit – even though the VIP market is only sitting at 25 to 26 percent of its 2019 levels.

All together, JP Morgan expects the industry’s earnings before interest, taxes, depreciation and amortisation (EBITDA) to jump by 10 percent quarter-to-quarter and reach 80 percent of 2019’s results.

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The firm noted that third quarter figures were “slightly below” initial estimates, as September’s severe weather put a dampener on visitor arrivals.

The Gaming Inspection and Coordination Bureau meanwhile reported gross gaming revenue (GGR) of 14.9 billion patacas for September – a month-to-month fall of more than 13 percent. In contrast, September 2019 saw more than 22 billion in monthly GGR.

In April, JP Morgan reported that mass-market gaming revenue for 2023’s first quarter was about 65 percent of pre-pandemic levels.

 

UPDATED: 21 Dec 2023, 11:09 pm

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