Macau’s mass market gaming revenues may have recovered to between 60% and 70% of pre-COVID levels during the Chinese New Year “Golden Week” holiday period, according to on-the-ground checks by investment bank JP Morgan.

Analyst DS Kim wrote in an overnight note that his team met with multiple operators during a visit to the SAR in Golden Week, with all of those operators “positively surprised” by the level of demand across all segments since Macau dropped almost all remaining border restrictions on 8 January.

He also noted “long queues for many retail/F&B outlets and lively gaming floors with high minimum bets – HK$500 to HK2,000 (US$64 to US$255) for main floor and HK$3,000 to HK5,000 (US$383 to US$638) for premium mass lounges.