Macau’s GGR May Reach 90% of Pre-COVID Levels in 2021

Published: August 8, 2023, 03:15h.

Last updated: August 8, 2023, 03:15h.

Macau’s gross gaming revenue (GGR) recovery in 2023 is showing strength and could reach 90% of pre-coronavirus levels, according to S&P Global Ratings. The second quarter saw GGR across the market, including mass, premium mass, and VIP guests, reach 86% of 2019 levels. The recovery among mass market bettors has been particularly robust, surpassing expectations.

With signs of momentum in the Macau recovery, it is possible that the S&P estimates could be exceeded. July’s GGR data was the best month since the start of the COVID-19 pandemic.

Assistance from Select Operators

While all six concessionaires operating integrated resorts in Macau have contributed to the SAR’s GGR recovery, there are some clear leaders. Melco Resorts & Entertainment, led by Lawrence Ho, is expected to outperform the market in the coming quarters, thanks to contributions from Studio City Phase 2. Melco’s second-quarter Macao mass GGR was in line with the market and is expected to approach 70% of 2019 levels in 2023.

Las Vegas Sands also stands out among the operators, delivering strong second-quarter results and earning an upgraded credit rating from S&P.

Wynn Resorts will provide further insight into the Macau rebound with its upcoming earnings report on Wednesday.

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