Goldman Sachs released a research report stating that Macau's Gross Gaming Revenue (GGR) for January surpassed market expectations, increasing by 24% year-on-year to MOP 22.6 billion, reaching 91% of the 2019 level. The growth rate also accelerated further from the 15% recorded in the fourth quarter of last year. The average daily gaming revenue was MOP 730 million, compared to MOP 718 million in the previous quarter.

The firm attributes the robust performance to healthy visitor numbers, with mainland Chinese tourist volume growing 18% year-on-year. It anticipates a strong performance during the upcoming Lunar New Year holiday, citing a lower base from last year, a longer holiday period this year, and persistently strong domestic travel demand.

Assuming gaming revenue runs 25% to 35% above the trend level, the bank estimates that average daily revenue could reach MOP 850 million to MOP 900 million. Furthermore, the firm does not believe the Winter Olympics will divert gaming demand. Even if the World Cup in June and July has an impact, it is projected to affect monthly revenue by no more than 5%.

The bank maintains its view that gaming revenue will sustain healthy growth in the first half of this year, forecasting year-on-year increases of 17% and 8% for the first and second quarters, respectively.