Macau’s gaming operators recorded their best week since the earliest days of 2020 during May Golden Week, with gross gaming revenues (GGR) clawing back to around 50% of pre-COVID-19 levels according to JP Morgan analysts.
In a Thursday note, JP Morgan’s DS Kim, Derek Choi and Livy Lyu described GGR figures for the holiday period as “broadly satisfactory” – led by a resurgence in the mass segment.
While visitation only reached around 25% of 2019 May Golden Week levels, GGR was between 40% and 50% including a recovery to between 60% and 70% for mass GGR compared with 20% to 25% for VIP.
Luxury retail sales were back to pre-COVID-19 levels, with some tenants seeing double digit growth over 2019 Golden Week.
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