Fresh Macau estimates of 732% Q3 GGR jump

Deutsche Bank estimates that Macau’s gross gaming revenue may rise 732 per cent yearly in Q3 2023, reaching $5.78bn.

The estimated GGR for Q3 is still 35 per cent lower than the same period in 2019.

At the same time, the analysts upgraded slightly their 2023 Macau GGR estimates from $21.47bn to $21.48bn. According to the latest estimate, Deutsche Bank believes that Macau GGR in 2023 could increase 314 per cent yearly, forecast to be 40 per cent lower than pre-COVID levels. This highly contrasts the Macau government’s budgetary predictions for 2023 GGR of MOP$130bn ($16bn).

Macau recorded casino GGR of MOP15.21bn ($1.88bn) in June, down 2.3 per cent from the MOP15.57bn ($1.93 bn) in May. Although Macau had a slight drop monthly in GGR, Deutsche Bank indicates in its report that the June results represent a one per cent improvement in daily GGR.

“The one per cent sequential improvement per day implies a healthy acceleration in the seasonal sequential trend, as the average sequential uptick in June, relative to May, over the 2016 to 2019 period, was an 8.5 per cent decline,” they said.

The research leads analyst Carlo Santarelli to maintain the forecast regarding the SAR’s recovery, saying that the Macau gaming industry will not return to 2019 levels within 2024, estimating that next year Macau’s GGR may reach $27.64bn, a 27 per cent increase compared to 2023, but still 25 per cent lower than 2019.

Source: Asia Gaming Brief