Macau's Golden Week Gaming Revenue Surpasses Expectations!

May 11th, 2024
Back Macau's Golden Week Gaming Revenue Surpasses Expectations!

Great piece of news from Macau.

The state's operators experienced a remarkable surge in gross gaming revenue during the recent Golden Week holiday, surpassing initial predictions. Analysts estimated a daily revenue of around MOP$910 million (US$113 million), far exceeding expectations of MOP$850 million (US$106 million) per day.

Quality Player Visits

The surprising revenue boost was attributed to the quality of players visiting Macau during this period, despite overall visitation being slightly lower than anticipated. Analysts noted that this unexpected revenue surge was 5% to 10% higher than expected and represented a faster recovery trend of 5%.

"the analysts are predicting double-digit EBITDA growth for Macau concessionaires Wynn Macau Ltd and SJM Resorts SA when they report their 1Q24 results this week"

Analysts are optimistic about the upcoming quarterly results of Macau concessionaires, with expectations of a two-digit EBITDA growth for Wynn Macau Ltd and SJM Resorts SA. However, Galaxy Entertainment Group is expected to report a sequential pull-back in EBITDA.

"This divergence here happens as the industry's recovery stabilizes after a year of a 're-opening rally', in turn making idiosyncratic factors (market shares, opex control, promotions) the key earnings driver, in our view. We expect diverging earnings revision trends into and post-1Q results, which should create an alpha opportunity within the sector." - they wrote.

Diversification in Player Base

A notable trend during the Golden Week holiday was the presence of a South Korean player as the largest wagering participant in Macau's premium mass gaming rooms. This marked a significant shift from the usual Chinese dominance and indicated positive progress in diversifying Macau's high-end customer base.

The holiday period also saw the presence of "whales" (players betting HK$100,000 per hand or more) in premium mass rooms across all six concessionaires. This presence of high-stakes players signifies increased activity and engagement in Macau's gaming sector.

Comparison with Previous Years

Comparing the recent Golden Week holiday with the same period in 2023, Macau witnessed substantial growth in total wager, player count, and wager per player. Total wager was 144% higher, total player count increased by 119%, and wager per player rose by 11% year-on-year, indicating a robust recovery and strong performance in the gaming sector.

The unexpected income surge during Macau's Golden Week holiday, coupled with positive predictions for EBITDA growth and the presence of high-stakes players, reflects a promising outlook for the region's gaming industry. This period also highlighted progress in diversifying Macau's customer base, contributing to a more vibrant and dynamic gaming landscape.


''JP Morgan estimates Macau GGR at US$113 million a day during May Golden Week holiday'',, May 06, 2024.

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