Macau is expected to generate MOP18.5 billion (US$2.3 billion) in gross gaming revenue this month, a figure slightly below the original forecast of MOP19 billion.
According to JP Morgan Securities Asia Pacific, the downward revision is due to a “slower start to the month”.
The first 14 days of the month saw only about MOP8.3 billion, or MOP593 million per day, analysts DS Kim, Mufan Shi and Selina Li wrote in a recent note.
“This implies that last week’s run rate improved by 15% y/y to MOP635 million/day (from only MOP550 million/day in week 1) as summer holiday demand gradually kicked in,” they wrote.
A gradual improvement in casino revenues is also expected following the recent conclusion of the UEFA European Championship.
In terms of the mass market, the current level is at 105 to 110 per cent of the pre-Covid level, while VIP is around the low to mid-20 per cent range.
“This is a little softer than the trends in Q2, but this is a weekly trend that can be very volatile either way and we wouldn’t read too much into the print just yet,” the analysts add.
Since the end of last week, an average of 87,000 people a day have been visiting the city, according to the Macao Government Tourism Office.
The authorities expect hotel occupancy to rise to 90 per cent, up from 88 per cent in the first half of the year.
