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21-Day GGR Reaches USD 1.59B Amid Illegal Fund Flow Crackdown, Reports J.P. Morgan

Monday 22 de July 2024 / 12:00

www.macaubusiness.com

⏱ 1 min read

(Macau).- Gross gaming revenue (GGR) for the first three weeks of July reached MOP12.75 billion (US$1.59 billion), reflecting a decent gaming demand during the summer holiday, brokerage J.P. Morgan has said.

21-Day GGR Reaches USD 1.59B Amid Illegal Fund Flow Crackdown, Reports J.P. Morgan

Analysts DS Kim, Mufan Shi and Selina Li noted in a Monday update that daily GGR averaged MOP607 million for the first 21 days of this month.

The third week’s run-rate remained flat week-on-week at MOP635 million per day, well above the figure of MOP550 million per day reported for the first week of this month.

“This reflects pretty decent (albeit not fantastic) demand from summer holidays, despite concerns regarding a crackdown of illegal fund exchange gangs,” the analysts wrote.

Earlier in June, China’s Ministry of Public Security urged security forces, not only in Macau but also on the Chinese mainland, to strengthen cooperation in clamping down on illegal money exchange in Macau.

The so-called ‘money changers’, present around the city’s casinos, have been identified as a key method for moving funds across different jurisdictions, particularly between the Chinese mainland and Macau.

J.P. Morgan now estimates that mass GGR is currently at around 110 per cent of pre-Covid level, while VIP segment’s GGR stands at around mid-20 per cent of the pre-pandemic level.

These figures align with the buy-side consensus, though slightly below sell-side expectations.

The brokerage keeps its July GGR forecast at around MOP18.5 billion, implying a 76 per cent recovery compared to the 2019 level.

Categoría:Others

Tags: Sin tags

País: Macao

Región: Asia

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