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Gaming

Macau GGR run-rate climbs back to US$46 million per day

Tuesday 21 de March 2023 / 12:00

2 minutos de lectura

(Macau).- Macau’s recovery from the COVID-19 pandemic continues to gain momentum, with gross gaming revenues for the first 19 days of March estimated at MOP$6.8 billion (US$842 million), according to channel checks by JP Morgan.

Macau GGR run-rate climbs back to US$46 million per day

In a Monday note, the investment bank said daily run-rate for the month was currently sitting at MOP$357 million (US$44 million), but that the monthly total implies an increase from MOP$350 million (US$43 million) for the first 12 days of March to MOP$370 million (US$46 million) over the past week.

“This is all within expectations, but still quite encouraging against what’s implied by the recent pull-back in shares,” wrote JP Morgan’s DS Kim and Mufan Shi.

Based on their numbers, month-to-date GGR is running at about 45% of pre-COVID levels with the analysts estimating mass GGR is between 60% and 70%.

They also remain confident in the growth potential of Macau gaming stocks, despite a recent dip. “Notwithstanding recent pullbacks, we remain confident of sizable absolute and relative upside in Macau stocks,” they said.

Our bull thesis may not be very novel but can still be powerful: the pace of demand recovery continues to ramp, street estimates move higher, skeptical investor sentiment gradually improves and valuation finally mean-reverts to mid-cycle levels (if not re-rates to up-cycles), which in turn produces potential upside of over 50% to our OW ratings on average.

“Put another way, we envision a ‘goldilocks’ rally where the stocks can grind higher quarter after quarter against the wall of worries, as more investors return to invest in this space, following four to five years of lull amidst concerns on license risk, VIP clamp-down, Hong Kong SAR unrest and COVID-19, among others.”

by Ben Blaschke

Categoría:Gaming

Tags: Sin tags

País: Macao

Región: Asia

Event

SBC SUMMIT RIO 2024

05 de March 2024

Andre Gelfi explains the new regulation in the Brazilian gaming and betting market

(Rio de Janeiro, SoloAzar Exclusive).- The Managing Partner of Betsson group in Brazil, Andre Gelfi, was another key figure present at the inaugural SBC Summit Rio. In this exclusive interview with SoloAzar, he shared insights about the gaming and betting market in Brazil. Gelfi emphasized the hot topic of Brazilian regulations for the iGaming industry. In fact, he expressed his anticipation that the regulation, expected to be approved this year, will create a new landscape in the Brazilian market

Wednesday 27 Mar 2024 / 12:00

Influencers: "Between Effectiveness and Responsibility in the Gaming Industry".

(Rio de Janeiro, SoloAzar Exclusive) - As part of the Conference "Influencers: The Next Frontier of Social Media Marketing", as part of the Conference Agenda held on 6 and 7 March at the SBC Summit Rio 2024, leading industry personalities gathered in a panel to discuss the impact of the power of celebrities and influencers in generating engagement, as well as the proposed law that seeks to restrict their promotion of gambling.

Wednesday 27 Mar 2024 / 12:00

Pay4Fun: “We have ambitious expansion plans in the Brazilian market”

(Rio de Janeiro, SoloAzar Exclusive).- Leonardo Baptista, CEO and co-founder of Pay4Fun, is a key figure in the world of iGaming. His company, Pay4Fun, is a leading Brazilian online payment provider specializing in the iGaming market. During the first edition of the SBC Summit Rio, Baptista spoke exclusively with Soloazar, sharing insights about the new services that Pay4Fun will introduce to the market. He also discussed his vision for the future of iGaming in Brazil and Latin America. Another unmissable note by SoloAzar.

Wednesday 27 Mar 2024 / 12:00

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