As per the latest report of JP Morgan revealed, Macau’s gaming industry generated a whopping $77.9 Million in daily gross gaming revenues (GGR). Inside Asian Gaming (IAG) also revealed that the bank’s analysts believe that Macau’s market conditions display no signs of slowing down.
$1.85 Billion in GGR
As reported by IAG, JP Morgan released Macau’s gaming figures, signaling strong market activity which is set to continue into the fourth consecutive month of 2024. JP Morgan analysts reportedly stated that Macau generated over $1.85 Billion in GGR during the first 24 days of March 2024.
Recovering From Past Slump
According to reports, JP Morgan compared the data with the historical trend of a -4% month-on-month (MOM) decline usually observed by Macau casinos in March. The heightened activity during this slower period added significantly to the city’s overall GGR. Additionally, IAG noted that the current growth rate in the mass gaming market is over 110% higher than the pre-pandemic rate.
GGRAsia report mentioned JP Morgan analysts citing that Macau’s mass market reportedly experienced a heightened activity in March. The recovery of the VIP segment remains a bit stagnant, lingering at over 20% below pre-disturbance levels. However, other segments are steering the industry forward. With Macau generating $77.0 million in daily gross revenues during the initial 24 days of the month, JP Morgan analysts DS Kim, Mufan Shi, and Selina Li believe that the Macau casinos will collect around $2.36 billion by the end of March 2024, as per IAG reports.
Exceeding Q4 2023 by 5%
According to reports, the gross gaming revenues generated in Q1 of 2024 will exceed the Q4 2023 result by over 5% to set a new benchmark in the Macau gaming industry. As reported by GGRAsia, JP Morgan has announced the upward trend, saying: “We continue to model March to print a GGR of circa MOP 19 billion[$2.36 billion], which will drive first-quarter GGR to grow 5 percent quarter-on-quarter – or over 60 percent year-on-year – to be yet another post-pandemic highs.”
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