Macau GGR Could Hit New Post-COVID High This Month

Must read

[ad_1]

Posted on: July 18, 2023, 02:49h. 

Last updated on: July 18, 2023, 03:48h.

Even with typhoon warnings acting as a headwind, Macau casino operators posted strong gross gaming revenue (GGR) through the first 16 days of July, positioning this month to be the best in GGR terms since the start of the coronavirus pandemic.

Macau gaming revenue casino China COVID-19
Pedestrians walk the Cotai Strip in Macau near Sands China’s Londoner. July could be the best month of gaming revenue there since the start of COVID-19. (Image: Bloomberg)

Helped by strength in the mass-market segment, GGR in Macau was estimated at $1.03 billion through July 16, or an average of $64 million per day, according to JPMorgan. That’s slightly better than the second-quarter run rate of $62 million per day. In recent days, the July run rate slowed to $61 million due to typhoon warnings, but analysts still expect this month to be strong for the concessionaires.

We still see July printing the highest GGR since the pandemic, north of $1.99 billion,” wrote JPMorgan analysts DS Kim and Mufan Shi in a recent report. “This would imply mass GGR is comfortably running at 90%+ of pre-COVID levels, and we continue to expect a 100%+ recovery in mass by October.”

Macau casinos won $1.88 billion last month and $1.93 billion in May, with those two months representing the special administrative region’s (SAR) best GGR tallies since January 2020.

Good Timing for JPMorgan Call

The timing of JPMorgan’s July GGR forecast is pivotal because Macau casino operators are about to start reporting second-quarter results, and those updates could include commentary on the current quarter.

For the gaming industry, earnings season kicks off in earnest on Wednesday when Las Vegas Sands (NYSE: LVS) reports after the close of US markets. The operator of five Macau integrated resorts is expected to report earnings per share of 42 cents on revenue of $2.38 billion. Over the past 90 days, eight analysts lifted estimates on Sands while just one downwardly revised forecasts.

Last week, Morgan Stanley analyst Stephen Grambling named Sands the firm’s top casino stock idea, calling it the best way to play the Macau recovery.

Should management teams sound optimistic about their outlooks for the back half of 2023, that could spark a rally in Macau equities. GGR is approaching two-thirds of 2019 levels, and some analysts believe that figure will be made whole by the end of this year.

Margins Matter for Macau GGR

Margins could set the tone for better run rates and higher GGR as 2023 progresses. On that note, JPMorgan is optimistic, with the analysts noting Macau margins could come in at record highs for the June quarter.

Vibrancy among mass and premium mass bettors is helping Galaxy Entertainment and Sands China, which were already entrenched in those segments, and those concessionaires that have been able to nimbly pivot away from dependence on high rollers.

However, data suggest the VIP segment is bouncing back and could be a larger contributor to GGR in the back half of 2023.

[ad_2]

Source link

More articles

- Advertisement -spot_img

Latest article

teknologi baru main slot mahjong ways 2 jaminan banjir scatter dan wildlatihan slot demo starlight princess auto menang maksimal 500 jutaslot gampang maxwin terbarucara jitu menaklukan bandar slot onlinepola olympus banjir petircara ampuh menang slot gacor dengan modal kecilslot deposit dana terlengkap dengan slot terkemuka bomb bonanzacara ideal untuk maxwin slot online dengan modal besarpola kuno berhasil menembus slot olympus x500 langsung cuan besarbocoran mantan admin berikan jam efektif bermain slot online mahjong ways 1 dengan modal kecilkonspirasi kerusakan sistem slot olympus 1000 auto pecah x500 dan banjir scatterprediksi slot online situs gama69pola terbaru paling ampuh bermain slot the great ice scape lagi gampang menanginformasi akurat dengan trik pola maxwin sekali buy spin mesin slot hiphop pandacara memperkaya diri dengan bermain slot onlinemain slot dengan santai langsung jackpot profitracikan pola terbaru slot gatotkacapola maxwin lucky nekopola jitu menang membludak pada slot mahjong ways 2slot mahjong ways 2 tergacor rekomendasi orang tersakititrik hoki bermain slot onlineslot mudah maxwin terbaru starlight princess 1000trik curang slot olympus x1000pola ampuh starlight princess x1000memperkaya diri dengan bermain slot online buatan pragmatic playputaran scatter mahjong ways 2 jaminan menang maksimal terbesarpola banjir perkalian beruntun slot mahjong scatter hitamkeajaiban slot starlight princess 1000 kemenangan maksimal 100 jutaslot online extra jackpot terbaruteknik konsisten main slot mahjong ways 2 banjir wild tanpa bataspola gacor slot jitu starlight princessbocoran jam gacor slot gates of olympus x1000trik mudah jackpot dalam bermain slot starlight princesssistem kemenangan jackpot slot online mahjong ways dengan skill spin ajaibbocoran pola gacor mahjong ways2tips mabar slot mahjong ways 2 dari pgsoft ketika kerja shift malamslot gacor gates of olympus yang sedang naik daun karena mudah profit jackpot 100 jutapola keramat slot mahjong ways gampang maxwin 200 juta tiap haritrik mahjong ways tidak mudah boncosmeminta bantuan orang tua untuk menang scatter hitam slot mahjong ways 2pola viral hasilkan slot scatter hitam mahjong wayskombinasi main slot online scatter hitam paling populer di indonesiaprovider pgsoft remsi luncurkan fitur scatter hitam maxwin pada mesin slot mahjonggame super mahjong ways 2 dapatkan bonus scatter hitam dengan hadiah 100 jutaslot scatter hitam hoki pembawa berkah bagi member baru langsung kaya dalam semalamslot maxwin mahjong ways 2 penuh dengan misteri kemenangan besarakun vip slot spesial slot super mahjong ways spesial virgobet88slot gacor server jepangcara mudah jackpot bermain slot sweet bonanza terbaruakun vip slot starlight princesspola gacor mahjong ways2menang slot mahjong ways scatter hitam dengan pola legendarismenjadi pemenang slot legendaris dengan slot gates of olympuspola slot starlight princess untuk menang dalam satu kali pembelian fiturcheat slot gacor perkalian tanpa hentibonus terbatas akhir bulan mei khusus slot scatter hitam virgobet88event dobel bonus kemenangan slot olympus 1000 langsung cair tanpa ribetslot koi gate sedang membara banyak jackpot menanticara menjadi pro player dalam bermain slot onlinerahasia mesin slot server thailandsitus slot gacor gampang jackpotmenang besar slot mahjong langsung pasang nada dering mahjong ways 2 sebagai alarmmain slot mahjong ways asli dengan akun mirip demo slot mahjong waysjudi slot gacor dengan akun vipslot mahjong ways rekomendasi bang jagoslot gacor mahjong wayssistem cheat slot online auto muncul perkalian tinggi x500 khusus slot olympuspola hoki bonanza hari inimodal kecil bisa dapat jackpot di slot bonanzaprediksi petir kakek merah hari inijam gacor mendapatkan scatter hitam slot mahjonghadiah jackpot maxwin dari princess yang cantikbocoran pola gacor slot mahjong ways dari admin sidiqtongkat sakti princess pembawa rezekyadmin jarwo berikan informasi jam gacor banjir slot scatter hitam