Despite Post-Holiday Dip in Casino Profits, Analysts Maintain Positive Outlook Due to Policy Backing
Monday 13 de May 2024 / 12:00
⏱ 1 min read
(Macau).- The recent post-Golden Week slowdown is running at a pace below the average run-rate for April, according to J.P. Morgan’s analysis.
In a recent note written by DS Kim, Mufan Shi and Selina Li, Macau generated MOP8.6 billion (US$1.07 billion) in gaming revenue in the first 12 days of May. This translates to a run rate of MOP716 million per day.
“This implies last week’s run rate has slowed to MOP578m/day from MOP910m during the May Golden Week, or 6% below April’s (MOP618m),” wrote the analysts.
The analysts added that the figure was “a little weaker than we would have liked to see, but within expectations given the post-holiday slowdown”.
Despite the dip after the May Day holiday, which attracted over 600,000 visitors in five days, the brokerage has maintained its monthly forecast at a range of MOP19.5 billion to MOP20 billion, or at least a 75 per cent recovery to pre-Covid levels.
From 27 May, residents of eight more mainland Chinese cities will be allowed to travel to Macau on their own, in addition to Qingdao and Xi’an.
The move is seen by analysts as a good sign of China’s attitude towards Macau.
“While the incremental impact of this in itself may not be significant, this together with the easing of the travel process shows the favorable policy support from the central government, in our view,” they said.
Categoría:Gaming
Tags: Sin tags
País: Macao
Región: Asia
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