Macau's casino revenue for August 2024 reached $19.75 billion, surpassing analysts' expectations
According to a statement from the local regulatory authority, the GGR in August increased by 6.2% compared to the previous quarter and by 14.8% year-on-year. A note from JP Morgan Securities highlighted that the daily revenue growth rate of 637 million patacas (7.16 billion rubles) is the second-highest recorded in the past 55 months. Analysts noted that August also saw the highest rate of GGR recovery since the onset of the COVID-19 pandemic, reaching 81% of the levels seen in 2019.
"This figure slightly exceeded consensus expectations and, perhaps more importantly, demonstrated off-season dynamics. A 6% month-on-month increase compared to historical seasonality of 2-3%," wrote JP Morgan analysts D.S. Kim, Mufan Shi, and Selina Li.
Brokerage Seaport Research Partners also viewed Macau's gaming industry results for August positively. In a memo, they noted that the month, which included five weekends, showcased high attendance levels alongside relatively stable revenue.
"The average daily GGR exceeded 637 million patacas... This is the third-largest daily monthly GGR in 2024 and the highest outside of the golden-week">Golden Week holiday period," stated analyst Vitaly Umansky.
Seaport estimates that Macau's gross gaming revenue for the upcoming month will be around 17.78 billion patacas (199.8 billion rubles), which would represent a 10% decline from August. "September is typically the weakest or second-weakest month of the year, alongside June," Umansky explained. JP Morgan analysts concurred, noting that September serves as a transitional period between the summer holidays and the October Golden Week, suggesting that the figures are unlikely to surprise anyone.
Meanwhile, the total volume of VIP bets in Macau's casinos rose by 35% year-on-year in August.
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