“The golden holiday in May was a surprisingly golden holiday in terms of gross gaming revenue (GGR),” JPMorgan Securities (Asia-Pacific) said, referring to the Macau casino market performance during the five-day holiday in mainland China that ended on Sunday (May 5).

“As we checked, the GGR for the first five days of May was 4.55 billion MOP [US$565.1 million], or 910 million MOPs per day,” DS Kim, Selina Li, and Mufan Shi analysts wrote in a note on Monday.

They advised that that does not necessarily mean that strong initial results will lead to the whole of May.

“Given the usual and inevitable margin of error in these weekly checks, we will be careful to simply estimate trends for the rest of the month/quarter,” analysts said.

CLSA Ltd noted in a note on Friday that the GGR could grow 6% month-on-month in May, but observed that the agency’s projections were still less than 7% of the market.

Still, JPMorgan said its May holiday GGR performance was “a pleasant surprise, beating estimates by +5% to +10%, despite rainfall and flooding in Hong Kong and South China.”

A total of 604,395 tourists, or just over 120,000 daily, entered Macau between May 1 and 5. This is about 8 percent lower than the 130,000 daily tourists predicted by the Macau Tourism Authority.

While visitor numbers are not necessarily a proxy for GGR performance, JP Morgan said “the quality/mix of gamblers proved to be much stronger than expected” despite “very low” visitor numbers.

The brokerage said visitor numbers during the May holiday were 84% of pre-COVID-19 levels and were “well below” the recovery rate of about 100% during the Chinese Spring Festival in 2024 compared to the festive period in 2019.

In the first five days of May, the mass GGR recovered to “about 120%” of pre-COVID levels, while the VIP GGR was “about 30%” of pre-COVID levels, “meaning a recovery about 5 percentage points faster than the recent trend,” JPMorgan said.

BY: 카지노사이트 모음

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