Citing its own industry inspection, JPMorgan Securities said Monday that Macau’s casino gross gaming revenue (GGR) in the first 12 days of May was $716 million, or about $8.9 million.
Analysts DS Kim, Mufan Shi and Selina Li wrote that these GGRs reached 8.6 billion MOPs from May 1 to 12, suggesting “a slowdown after the holidays as somewhat expected.”
“This means we slowed to 578 million MOPs per day last week from 910 million MOPs during the Golden Week in May,” the JPMorgan team said, explaining that while this is slightly weaker than we would have liked to see, it is within the expected range given the post-holiday slowdown.
The so-called May Golden Week refers to five days during the Labor Day holiday in mainland China, which begins on May 1.
Macau received a total of 604,395 visitors from May 1 to May 5. The average hotel occupancy rate in Macau was 89.2% during the period, according to official data.
JPMorgan said in a note last week that the May Golden Week was “amazingly Golden Week” in terms of casino GGRs. The first five days of May saw a GGR of 4.55 billion MOPs, according to the brokerage.
In a note on Monday, the agency’s analysts said: “We maintain our GGR forecast for May at MOP19.5 billion to MOP20.0 billion, representing a 75% recovery compared to pre-COVID.”
Another broker, CLSA Ltd, said in a note last week that Macau’s casino GGR for May could achieve growth of about 6% month-on-month to an MOP of 19.7 billion.
April’s GGR was just MOP 18.55 billion, down 4.9% from March
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