Analysts at JP Morgan Securities suggest a year-on-year GGR growth in the low to mid-single digits.
Macau.- JPMorgan Securities (Asia Pacific) has said that it expects the Chinese New Year (CNY) to be a “modest” event regarding the performance of the Macau casino sector. It has forecast low to mid-single-digits year-on-year growth in gross gaming revenue (GGR).
Analysts DS Kim, Mufan Shi and Selina Li said 99 per cent of casino hotels are fully booked for the peak days of the holiday period. However, this was already observed last year and may not significantly indicate year-on-year growth. This year, Chinese New Year Golden Week will take place from January 28 to February 4.
In 2024, the city’s average hotel occupancy rate peaked at 95.2 per cent during the holiday period, from February 10 to 17. There were 1,357,064 visitor arrivals over the eight days, translating to a daily average of 169,631.
As regards the fourth quarter of 2024, analysts said that Macau achieved its best GGR in 20 quarters even amidst a challenging macroeconomic environment attributed to a crisis in the Chinese economy.
According to GGRAsia, in terms of market share, the brokerage said that Sands China was the largest contributor in the fourth quarter of the year, with a market share of 23.5 per cent of GGR. However, the figure was down almost 100 basis points quarter-on-quarter, mainly due to the renovation of the Londoner Macao rooms.
It was followed by Galaxy Entertainment Group which contributed 19.7 per cent of GGR. MGM China Holdings contributed 15.6 per cent of Macau’s GGR.
SJM Holdings share was 13.6 per cent, followed by Wynn Macau and Melco Resorts & Entertainment with a market share relatively stable in year-on-year terms.
As for the first half of 2025, the brokerage expects GGR to grow 4 per cent in year-on-year terms. However, it noted year-on-year comparisons are “quite difficult this year”.
Analysts at JP Morgan Securities suggest a year-on-year GGR growth in the low to mid-single digits. Macau.- JPMorgan Securities (Asia Pacific) has said that it expects the Chinese New Year (CNY) to…
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