MACAU BUSINESS
Mass revenue recovery at 93 pct of 2019 levels – JP Morgan
M G
acau’s gross gaming revenue (GGR) for July has suggested a mass market recovery to 92 or 93 percent of pre-Covid levels, according to an update from brokerage J.P. Morgan released on August 1.
The report indicates that this recovery can be split into over 100
percent in premium mass and 80 percent in grind or base mass. J.P. Morgan analysts DS Kim and Mufan Shi noted that this
implied a daily run rate of MOP537 million, which is about 68 percent of pre-COVID levels, and the figure is “pretty respectable” considering the impact of Typhoon Talim in mid-July. The VIP segment’s recovery has also improved to 27 to 28 percent of 2019 levels in July. However, this segment still has a limited contribution to EBITDA/ cash flows. Despite significant
earnings upgrades, Macau stocks experienced a 4 per cent decline in the last three
months. J.P. Morgan views this as an “attractive buying opportunity”, saying the sluggish performance of Macau stocks is unsurprisingly linked to systemic risks like “macro headwinds” and “geopolitical risks”. However, J.P. Morgan sees this as an entry point for investors who are willing to “ignore the noise and focus on fundamentals”.
VIP gaming revenue jumps 41.9 pct in Q2
ross revenue generated from VIP gamblers soared 41.9 per cent in the second quarter of 2023, compared to the previous three months, according to figures released by the Gaming Inspection and Coordination Bureau (DICJ).
The MOP12.16 billion (USD 1.5 billion) revenue coming from VIP Baccarat accounted for 26 per cent of the overall Q2 gross gaming revenue (MOP45.5 billion/ USD 5.6 billion). The VIP gaming revenue figure recorded in the second quarter of 2023 accounts for 36 per cent of the average quarterly VIP Baccarat revenue recorded in 2019, the last pre-pandemic full year. Mass market baccarat increased by almost one third (31 per cent)
over the previous quarter, the same official data indicates. Also based on DICJ data, non-VIP
revenue was 84.8 per cent of the average quarterly figure of 2019. In the pre-pandemic year 2019, VIP baccarat revenue reached MOP135 billion (USD 17.7 billion), which represented 46 per cent of the full-year gross gaming revenue
earned by local casinos. At the peak of the city’s junket/VIP sector in 2013, full-year VIP baccarat revenue hit MOP238 billion (USD 17.7 billion), accounting for two-thirds of that year’s record-breaking tally. Macau’s GGR for the first half of 2023 reached MOP80.1 billion
(USD 10 billion), an increase of 205 per cent compared to the same period last year.
24 SEPTEMBER 2023
July GGR reaches MOP16.6 billion, highest post-pandemic tally
M N
acau casinos have made the highest monthly gross gaming revenue (GGR) since the end of COVID restrictions early this year, raking in as much as MOP16.66 billion (US$2.07 billion) in July, according to figures released by the
Gaming Inspection and Coordination Bureau (DICJ). The performance lifted
the combined revenue for the first seven months of 2023 to 96.8 billion, 74.46 per cent of the 2023 full-year revenue target set by authorities. The Macau authorities predicted late last year that it would
be on course to make as much as MOP130 billion in gaming revenue in 2023. The latest figure has also surpassed the May performance of
MOP15.56 billion, with that month’s revenue largely supported by what is known as a Golden Week holiday when large numbers of mainland Chinese tourists descended on the city.
Melco’s City of Dreams Mediterranean opens in Cyprus,
unlocking new markets
https://www.macaubusiness.com/melcos-city-of- dreams-mediterranean-opens-in-cyprus-unlocking- new-markets1/
ewly opened City of Dreams Mediterranean will allow Cyprus to “unlock new markets in the region and beyond”, said Lawrence Ho, Chairman and Chief Executive Officer of Melco Resorts & Entertainment. Mr Ho was talking at a media event on July 11, a day
after the €600 million (MOP5.3 billion) property opened its doors in Limassol. The integrated resort includes a casino, 500 guest rooms and
suites, sporting facilities, shopping areas, art facilities outdoor amphitheatre, family adventure park, as well as conference and exhibition space, and fine dining. “Having a resort of this quality, with all its attractions, including the largest expo facilities on the island, opens multiple new possibilities,” added Lawrence Ho, as quoted in a press release by Melco.
Described as Europe’s first
integrated resort, City of Dreams Mediterranean was developed by gaming operator Melco and its local partner, CNS Group.
“Provimunity” professor Carlos Siu
Melco has been operating a temporary casino, the first authorised casino in the Republic of Cyprus, and is licenced to operate four satellite casinos. After the inauguration of City of Dreams Mediterranean, the Company will maintain the operation of the satellite casinos while discontinuing the operation of the temporary casino.
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80
