JP Morgan: Macau weekly GGR estimated at lowest level in six months

JP Morgan: Macau weekly GGR estimated at lowest level in six months

Article brief provided by Inside Asian Gaming
  • Ben Blaschke, Inside Asian Gaming
June 25, 2024 8:58 AM
  • Ben Blaschke, Inside Asian Gaming

Macau’s gross gaming revenues have fallen to their lowest level in more than six months in June, with GGR for the first 23 days estimated at MOP$13.3 billion (US$1.65 billion) or MOP$578 million (US$71.9 million) per day, according to JP Morgan’s weekly channel checks.

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This suggests the daily run-rate fell to MOP$514 million (US$63.9 million) over the past week, the lowest level in over six months, with JP Morgan analysts stating the decline “was mostly due to soft seasonality” – impacted by post-holiday slow-down, the apparent impact of UEFA Euro 2024 and poor VIP win rate.

“June is the seasonally weakest month of the year anyway,” the investment bank added, “but the print was still disappointing as it suggests modest downside risk to our monthly GGR forecast of MOP$17.5 billion to MOP$18 billion (US$2.18 billion to US$2.24 billion).