Macau experienced its best month for gross gaming revenue (GGR) since January 2020. GGR reached MOP$14.7bn (US$1.8bn) in April, a 450% year-on-year rise. It was also a 16% improvement on the previous month’s results.
The return of tourists in recent months to the special administrative region has been a key driver in the uptick in fortunes. Following a long period of strict travel restrictions, the borders with mainland China opened once more in January. Almost 5 million people went to Macau in the first quarter of this year, compared to just 5.7 million the entirety of 2022.
JPMorgan is bullish on the fortunes of some of the big casino operators in the region.
GGR for the first four months of 2023 was MOP$46.36bn (US$5.75bn), a 141% year-on-year increase. Analysts believe that the recent good results are just the beginning of Macau’s post-pandemic comeback. JPMorgan is bullish on the fortunes of some of the big casino operators in the region. Last month’s GGR figure is still only 62% of the April 2019 total, so plenty of room for growth remains.
Each of the six casino operators in Macau will be reporting first quarter results over the next few weeks. MGM China released its figures this week, showing a 130% year-to-year increase in revenue for Q1.
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