March 1-21 Macau Casino GGR US$1.5 Bln: JP Morgan
Citing the results of its own industry inspection, JPMorgan Securities (Asia-Pacific) said Monday that Macau’s casino gross gaming revenue (GGR) was estimated at 12.5 billion MOPs (US$1.5 billion) and 595 million MOPs per day (US$595 million) in the first 21 days of April.
The observed daily utilization rate in April fell 5.4% month-on-month, compared with an MOP of 629 million in March.
“It was stable last week at MOP600 million [based on daily average GGR] from a week ago. By sector, bulk GGR, including slots, was 110% plus-mark compared to pre-COVID-19 levels, while VIP volumes appear to have recovered mid-20%, which is almost stable in Q1 trends,” wrote JPMorgan analysts DS Kim, Mupansi and Celina Lee.
Analysts suggested there would be some “differences” in terms of sequential earnings in the first quarter before interest, taxation and depreciation costs (EBITDA) for six casino operators in Macau.
The brokerage said it expects Win Macao, MGM China Holdings and SJM Holdings to report “strong double-digit growth” quarter-over-quarter in terms of EBITDA. That, in contrast to the other three operators, Sands China, Galaxy Entertainment Group and Melco Resorts & Entertainment, added that EBITDA fell “2% to 8%” quarter-over-quarter.
Sands China Ltd Q1 Adjusted Real Estate EBITDA fell 6.7% quarter-over-quarter to $610 million.
“This is not due to the pace of industrial recovery itself, but to the stabilization of the industrial recovery at the current level,” the JPMorgan team said. “This is not due to the pace of industrial recovery itself, but to unique factors (market share, operational spending control, promotion) by operators.”
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