Macau’s October is off to a roaring start, according to numbers crunched by J.P. Morgan analysts. Casinos in the Chinese enclave grossed $825 million during the first eight days of the month, averaging $103 million per day, spread among six concessionaires.
Lead Morgan analyst Joseph Greff wrote that the numbers were “reflective of a very strong Golden Week holiday period,” which also encompassed the last two days of September. At peak, the casinos were averaging as much as $116 million per day, dropping to $64.4 million on October 7 and 8. This declivity was attributed to “some last-minute cancellations and early departures resulting from the typhoon that landed on Sunday.”
According to Greff, the chief beneficiaries of consumer largesse were Sands China and Galaxy Entertainment. This was due in part to their preponderance of hotel rooms and partly due to their premium-mass-market orientation. “We estimate that mass [gross gaming revenue] is well north of pre-pandemic levels,” Greff opined.
Looking ahead, Greff saw critical gambling mass around October 22 concerts featuring Hong Kong vocalist Eason Chan. Since Sands’s Cotai Arena will be the host venue, Greff reported, the company “stands to gain share this month, given its strong advanced bookings.”
As far as gambling revenue for the rest of October is concerned, Greff forecast $2.4 billion in revenue, averaging between $64.5 million and $70.6 million per day.
