The Macau casino boom will continue through August, a team of JP Morgan analysts is reporting.
A Monday investor note from analysts DS Kim, Selina Li and Lindsey Qian forecast a record-breaking month, with gross gaming revenue of MOP21.9 billion (US$2.72 billion) to MOP22.5 billion. GGR for the first 24 days of August totalled MOP17.65 billion, or MOP735 million per day.
The team wrote that it was “printing the highest non-Golden Week GGR since the pandemic, thanks to strong visitation from peak summer holidays”.
According to Macau Business, through Sunday both the VIP and mass segments grew 10% to 15% year-on-year. VIP was up 30% compared to 2019. Mass saw a remarkable 125% jump over the pre-pandemic benchmark.
“We now forecast August GGR to grow 11-14% to reach MOP21.9B-22.5B,” the analysts observed, “likely breaking the post-pandemic record again.”
Positive trend began in second quarter
Last year, anticipating a surge in tourism, the Macau government set a GGR target of MOP240 billion for 2025. But following disappointing results in January and February, officials adjusted their expectations downward, resetting the yearly total to MOP228 billion.
The comeback started in May, with GGR of MOP21.19 billion, up 5% over the consensus of 2.7% for the best post-Covid month since October 2024. The trend continued in June, with GGR of MOP21.06 billion, up 19% year on year.
In July, Macau casinos generated MOP22.12 billion patacas, according to data from the Gaming Inspection and Coordination Bureau.
Analysts from investment bank JP Morgan predict Macau gross gaming revenue could reach MOP22.5 billion this month, for the “highest non-Golden Week” period since the pandemic.