J.P. Morgan forecasts Macau January GGR to be at least USD 2.2B
Thursday 18 de January 2024 / 12:00
⏱ 1 min read
(Macau).- Macau’s gross gaming revenue (GGR) for January is expected to range between MOP17.5 billion (US$2.2 billion) and MOP18 billion, meeting market expectations, brokerage J.P. Morgan said.
In a Monday note, analysts DS Kim, Mufan Shi and Selina Li highlighted the continuous “solid momentum”, citing that GGR for the first 14 days of January could have reached MOP8.6 billion. The figure translates to a robust daily run-rate of MOP614 million, surpassing the MOP599 million per day reported in December.
The analysts noted that last week’s daily GGR stood at MOP600 million, which was lower than the impressive New Year holiday print of MOP630 million but still regarded as “pretty solid and respectable against seasonality”.
Mass GGR has recovered to 105-110 per cent of pre-Covid level, while VIP segment GGR has remained stable at around 20 per cent of 2019 level, their recent estimate suggests.
While GGR is projected to experience a seasonal slowdown before the Chinese New Year holiday, the analysts expect that Macau’s January GGR will hit a range of MOP17.5 billion to MOP18 billion, which still satisfies market expectations in their eyes.
Macau gaming operators will start reporting fourth quarter earnings in late January, and J.P. Morgan predicts that industry EBITDA will grow 8 to 9 per cent quarter-on-quarter to reach 85 per cent of the pre-Covid level.
Investors is likely to scrutinise operating expenses and promotions or reinvestments, given the modest margin disappointments reported for the third quarter.
J.P. Morgan remains constructive on Macau stocks, primarily based on a valuation call and the surprisingly “resilient and solid demand” despite the challenging macroeconomic conditions.
Categoría:Reports
Tags: Sin tags
País: Macao
Región: Asia
Event
GAT EXPO CARTAGENA 2026
24 de March 2026
NOVOMATIC drives the growth of the Colombian market at GAT Cartagena 2026
(Cartagena).- Following a standout participation at GAT Cartagena 2026, NOVOMATIC Gaming Colombia reaffirmed its leadership in the Latin American gaming industry by combining a strong technological showcase with the launch of linked progressive jackpots and active involvement in regulatory discussions shaping the future of the slot machine sector in the country.
Thursday 02 Apr 2026 / 12:00
Trade Associations and Governments in Latin America: The Gaming Sector Calls for Technical Dialogue and Regulatory Predictability
(Cartagena de Indias, SoloAzar Exclusive).- Cartagena de Indias was the stage for an intense debate on the role of gaming associations in shaping public policy, where regional leaders agreed on the need to strengthen dialogue with governments, warned about unilateral decisions that affect the sustainability of the industry, and proposed an evolution of trade associations into key technical actors in the region.
Wednesday 01 Apr 2026 / 12:00
Technology, AI and Traceability: Keys to the Future of Gaming at the GAT Expo Cartagena Suppliers Panel
(Cartagena de Indias, SoloAzar Exclusive).- Within GAT Expo Cartagena 2026, technology sector leaders analyzed the challenges and opportunities of the gaming industry during the panel “Innovation, Traceability and Control”.
Tuesday 31 Mar 2026 / 12:00
SUSCRIBIRSE
Para suscribirse a nuestro newsletter, complete sus datos
Reciba todo el contenido más reciente en su correo electrónico varias veces al mes.