Macau’s gross gaming revenue during the five-day May Day Golden Week holiday is estimated to have reached MOP$5.1 billion (US$639 million) or around MOP$1.02 billion (US$128 million) per day, representing 12% year-on-year growth and easily exceeding pre-holiday expectations, according to channel checks by investment bank JP Morgan.
The strong result not only represented a return to around 90% of pre-COVID May Day levels but also smashed consensus by around 20% given earlier estimates of MOP$850 million (US$106 million) per day.
In a note, JP Morgan analysts described it as the “biggest beat we’ve seen in years” and especially encouraging as it provides meaningful contrast to Chinese New Year which missed consensus by around 10%. More importantly, it provides a clear runway for Macau to finally gain some momentum throughout the entire month of May.
