The first nine days of March have shown a consistent demand for casino gaming in Macau, according to the latest report from JP Morgan Securities (Asia Pacific) Ltd. Analysts DS Kim, Selina Li, and Mufan Shi highlighted that gross gaming revenue (GGR) from March 1st to March 9th reached approximately MOP 5.75 billion, equivalent to USD 718.7 million, or an average of MOP 638 million per day. This stable performance is notable for a month like March, which is typically considered a shoulder month in the calendar of Macau's gaming revenue cycles.
Gaming Sector Performance Insights
The JP Morgan report provides insights into how the gaming sectors have fared post-pandemic, with mass market GGR reportedly at 110% of pre-Covid levels, whereas the VIP segment is seeing a decline at approximately 20% below pre-Covid standards. Despite this mixed performance across segments, the overall forecast for March's GGR remains stable, expected to align closely with the previous year, ranging between a 0 to 2 percent decrease compared to the same period last year.
Outlook for Macau's Gambling Industry
Reflecting on past performance, Macau's casino GGR revealed an uptick of 0.5% to nearly MOP 38 billion for the first two months of 2025, compared with 2024. JP Morgan analysts anticipate the momentum will continue into the latter part of the year with a growth acceleration, owing mainly to easier year-on-year comparisons. This trend points towards a modest 3% growth for the entire year of 2025, despite potential hurdles. Additionally, Fitch Ratings has forecasted a slowdown in Macau's GDP growth to 6.9% in 2025, following a considerable rebound in 2024 which saw an 8.8% growth, with expectations that GGR will gradually recover to 81% of 2019 levels. The ongoing reports highlight the persistent importance of the gaming sector to Macau's economy, indicating stable economic conditions and investor interest.
Source: Macau casino GGR at US$719mln in first 9 days of March: JPM, GGRAsia, March 10, 2025.
Posted by Wizard
Mar 10 2025
Mar 10 2025
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