GGR surge seemingly sparked by direct VIP, ultra-premium mass gaming customers

 jul25

The unexpected resurgence of Macau gaming revenues over the past two months, which culminated in June GGR smashing consensus at 19% year-on-year growth, appears to have been supported by the performance of the high-end gaming segments, according to investment bank JP Morgan.

Analysts said in a Tuesday note that their on-the-ground checks indicate direct VIP and ultra-premium mass performed particularly well throughout the month, enough to drive June revenues back to 88% of pre-COVID levels – by far the highest recovery rate since the pandemic.

The June result also saw combined Q2 GGR come in 8% higher year-on-year and 6% higher sequentially at MOP$61 billion on the back of a similarly impressive May.

So, what drove the high-end gaming performance? According to JP Morgan’s DS Kim and Selina Li, key factors appear to have been the success of marquee concerts and events – specifically Jacky Cheung’s ongoing residency series at Galaxy Arena and three concerts by G-Dragon at the same venue early last month which helped offset the weak seasonality.

The analysts also point to improved sentiment among high-end patrons, perhaps due to positive wealth effects from stock markets, and the continued ramp-up of Capella Macau – the uber-luxury all-suite tower at Galaxy Macau that soft-opened in late April.

https://asgam.com/2025/07/01/jp-morgan-macau-ggr-surge-seemingly-sparked-by-direct-vip-ultra-premium-mass-gaming-customers/

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