Macau’s industry EBITDA will return to 95% of pre-COVID levels by 2024, aided by the expansion of the high-margin mass market and up to 50% more mass gaming tables under the city’s new table cap, according to investment bank JP Morgan.

In a weekend note which estimates true market recovery will begin in early 2023, JP Morgan analyst DS Kim outlines a series of reasons why investors should feel more confident about Macau’s short-term future following confirmation last week that all six current concessionaires would be awarded new 10-year concessions starting 1 January 2023.