written and last updated by
Sam Smith at
12 Dec 2023
Journalist, Editorial Department
Investment bank JP Morgan has issued a positive forecast for Macau's gaming revenue by the end of 2023, projecting a total of 17 billion patacas (approximately 191 billion rubles) for December.
In a recent investment memorandum, JP Morgan indicated that this forecast aligns with an expected daily turnover of around 550 million patacas (6.2 billion rubles). Such figures are anticipated to be achieved with the full recovery of the mass market. Analysts believe that gross gaming revenue for the fourth quarter of 2023 could increase by 8% compared to the results of the third quarter. Additionally, a significant rise in EBITDA—earnings before interest, taxes, depreciation, and amortization—is expected, with quarterly growth potentially reaching 8-10%, surpassing the pre-pandemic record of 5%.
In the first ten days of December, the estimated daily gross gaming revenue stood at 520 million patacas (5.8 billion rubles), slightly down from November's figure of 535 million patacas (over 6 billion rubles). Analysts attribute this minor decline to unfortunate luck, particularly in the VIP segment, noting that the Macau market experienced a "dip" during this period.
Meanwhile, city officials are optimistic about increasing visitor numbers. Macau's Secretary for Economy and Finance, Lei Wai Nong, previously stated that the total number of tourists could reach 28 million by the end of the year. In the first 11 months, the city welcomed over 25 million visitors.
Macau's gaming industry has rapidly rebounded since all travel restrictions were lifted in January of this year. Over the past 11 months, the gross revenue of local casinos has reached 164.5 billion patacas (1.85 trillion rubles), marking a staggering 325% increase compared to the same period in 2022.
In other news, Universal Entertainment Corp is set to complete the Emerald Bay casino resort in the Philippines.
