Macau’s gross gaming revenue for the first 10 days of March came in at $757 million or $75.7 million per day, just 3% lower than the average $78.2 million per day recorded through the first two months of the year, according to investment bank JP Morgan.

In a note, analysts DS Kim, Mufan Shi and Selina Li said the daily run-rate was in-line with historical trends which show a 4% decline in March, suggesting that demand remained resilient post-Chinese New Year.

They also stated that the lower than expected February GGR of $2.3 billion was therefore most likely due to luck and unnecessarily elevated market expectations, rather than a sharper-than-usual slowdown in demand after the holiday.