In Macau, gross gaming revenues (GGR) for the first week of the month reached their “highest non-holiday levels” since the start of the Covid-19 pandemic.
In a note to investors, analysts DS Kim and Mufan Shi of JP Morgan Securities (Asia Pacific) Ltd. put the figures at MOP530 million (US$65.7 million) per day. They expect that GGR for the full month should lag behind the totals recorded in April and May, when the Chinese celebrated the Labor Day holiday, also referred to as May Golden Week.
“Based on our checks, GGR for the first 11 days of June is estimated at MOP5.5 billion, or a daily run-rate of MOP500 million per day,” said the analysts. “This implies last week’s GGR run-rate improved quite a bit week-on-week to circa MOP530 million per day from MOP450 million in the past two to three weeks, printing the highest non-holiday levels since the pandemic.”
They expect GGR to “likely soften in June given seasonality,” with totals between MOP14.0 billion and MOP14.5 billion. According to GGRAsia, they also doubled down on prior projections that “quarter-to-date trends suggest casinos will see strong second-quarter results.”
The Macau Post Daily reports that the average number of foreign visitors to Macau each day is now between 3,000 and 5,000—at least double the daily average of around 1,500 visitors in the first quarter.
Maria Helena de Senna Fernandes, director of the Macau Government Tourism Office (MGTO) said overall daily visitation is “now more than 60,000, which is less than before the pandemic,” but encouraging nonetheless. She looked to increase weekly flights from Thailand and Korea to bring in more foreign visitors.
