Macau’s gaming revenue hit highest non-holiday level since epidemic, mass market to complete recovery by Oct – JPMorgan
DATA VIEWS & ANALYSIS
Macau’s gaming revenue hit highest non-holiday level since epidemic, mass market to complete recovery by Oct – JPMorgan
DATA VIEWS & ANALYSIS

Macau’s gaming revenue hit highest non-holiday level since epidemic, mass market to complete recovery by Oct – JPMorgan

 

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Macau’s gross gaming revenue during the first nine days of July was estimated at MOP4.8 billion, or a daily run-rate of more than MOP530 million, ahead of the MOP500 million in the second quarter, JPMorgan said in a note. 

That represented the highest non-public holiday GGR since the epidemic, which bodes well for the upcoming summer vacation, it said.

The casino hub’s mass GGR has stabilized to more than 90% of the pre-epidemic level, and that the recovery may be completed by October, it said.

The broker expected the sector to manifest record high margins, upholding positive view. Although the share price and earnings forecasts have been revised up, the stock prices have corrected 13% in the past three months, presenting an excellent buying opportunity for investors who focus on fundamentals.

JPMorgan’s top picks are Sands China, Galaxy Entertainment, Melco International Development, MGM China, Wynn Macau, and SJM Holdings.