Macau's gross gaming revenue for the first week of January reached 4.4 billion patacas

JP Morgan Securities has reported that Macau's gross gaming revenue reached 4.4 billion patacas (approximately 49.7 billion rubles) in the first seven days of January. The firm views this as a strong start for the industry in 2024.
Daily revenue in January averaged 630 million patacas (over 7 billion rubles), up from 599 million patacas (6.77 billion rubles) in December 2023, which was already considered a record at the time. Analysts DS Kim, Mufan Shi, and Selina Li attribute the increase to a surge in visitor numbers during the New Year holiday period. "Nonetheless, this is impressive and encouraging," they added.
According to JP Morgan Securities, gross revenue from the mass market at the beginning of January was at 105-110% of the levels seen in 2019, prior to the COVID-19 pandemic. In the fourth quarter of 2023, this figure stood at 105%. The VIP segment remained stable month-on-month, maintaining around 20%.
Despite an anticipated seasonal slowdown in gross revenue growth for the remainder of January, JP Morgan Securities maintains a positive outlook. The first month of 2024 could generate between 17.5 billion and 18 billion patacas (197.7 billion to 203.4 billion rubles, respectively). This outcome is expected to meet market expectations ahead of the Chinese New Year, which will be celebrated from February 10 to 17 this year.
Analysts also anticipate an increase in earnings before interest, taxes, depreciation, and amortization (EBITDA). The growth for Macau's casino industry could range from 8% to 9%. JP Morgan Securities estimates that EBITDA for the fourth quarter was approximately 85% of pre-COVID levels, compared to 80% in the third quarter.
Meanwhile, a visitor at the Marina Bay Sands casino in Singapore won 1.17 million Singapore dollars.