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Analysts expect GGR to reach US$2.38bn in January.
Macau.- Citigroup has projected that Macau’s gross gaming revenue (GGR) for January will reach MOP19bn (US$2.38bn), averaging MOP613m (US$76.7m) per day. The figure would be 76 per cent of 2019 levels.
Although GGR for January alone would be down 2 per cent year-on-year, analyst George Choi said that GGR for January and February combined could reach MOP40bn (US$5.01bn). That’s a rise of 6 per cent year-on-year.
Citigroup said that its forecast “neutralises the impact of the timing of Chinese New Year” and the Golden Week that will take place from January 28 to February 4. Analysts further said the January projection also reflected a slower travel period leading up to Chinese New Year, which usually happens about two weeks before Golden Week.
Choi explained that the expected 2 per cent decline in year-on-year terms for January is due to the timing of the Spring Festival travel rush, a time that is typically quieter for Macau.
Macau GGR in 2024 up 23.9%
The Gaming Inspection and Coordination Bureau (DICJ) reported that Macau’s GGR in 2024 was MOP226.78bn (US$28.39bn), up 23.8 per cent year-on-year. However, the figure was down 22.45 per cent compared to 2019 levels, when GGR reached MOP292.45bn (US$36.7bn). The results have surpassed the Macau government’s expectations. Authorities have forecast GGR could hit MOP216bn (US$27.07bn) in 2024.
2024 is the second year of Macau’s recovery from Covid-19, following the end of all travel restrictions in early 2023. According to authorities, nearly 35 million people visited the city last year, surpassing the government’s target of 34 million tourist arrivals.
December’s GGR was down 1.3 per cent sequentially from MOP18.44bn (US$2.31bn) to MOP18.2bn (US$2.28bn). Compared to the same month in 2023, the figure was down by 2 per cent. It was the third-lowest of the year, mainly due to President Xi Jinping’s visit for the 25th Anniversary of Macau’s handover to China on December 20.
Analysts expect GGR to reach US$2.38bn in January. Macau.- Citigroup has projected that Macau’s gross gaming revenue (GGR) for January will reach MOP19bn (US$2.38bn), averaging MOP613m (US$76.7m) per day. The figure would…