Citing industry inspection results, JP Morgan Securities (Asia-Pacific) said on Monday that Macau’s total casino gross gaming revenue (GGR) daily utilization for the first 24 days of March was 621 million MOPs ($77.1 million), totaling MOP14.9 billion for the period.

Analysts DS Kim, Mufan Shi, and Selina Li wrote that March’s observed daily utilization rate was “just under 1% to 2%” from the average MOP of 630 million per day for the first two months of 2024, “slightly better than March’s historical trend of -4% compared to January and February.”

“This also suggests that last week’s utilization remained stable and solid at 628 million MOPs per day (flat from the previous week), showing no signs of slowing underlying demand,” they added.

The brokerage estimates that the bulk GGR, including slots, is “around 110% of pre-COVID levels,” consistent with the trend for the first two months of 2024.

“This compares with a 104% recovery in the fourth quarter of 2023, suggesting that in the first quarter of 2024, bulk gaming demand may increase from +3% quarter-over-quarter to 4% quarter-over-quarter, outperforming the historic seasonality of +2% quarter-over-quarter,” the agency said.

Analysts said VIP volumes in Macau “appear to remain in the mid-20% range” compared with pre-COVID, with “almost no change in fundamental demand.”

“We continue to model to print around 19 billion GGRs in March, which will see Q1 GGR grow 5% quarter-on-quarter (more than 60% year-on-year), another post-pandemic high,” they added.

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