SJMHF - Macau gaming revenue improves again but still down 64% from 2019 level

Gross gaming revenue in Macau was up 1,014% Y/Y to $1.1B in April to fall short of the consensus estimate for a gain of 1,054% against the soft pandemic period comparable. Macau GGR was ahead of the $1.04B recorded in March, but down about 64% from the GGR generated in April of 2019. Visitor arrivals in Macau improved again in April, jumping to the highest level since the start of the pandemic. Of note, May Golden Week is just starting in the Macau region. Jefferies analyst David Katz's preview for Macau: "Strong May holiday visitation expected, but likely not sustainable: Visitation is slated to be exceed 40,000/day during the current May Labour Day holiday May 1-5, which would be the highest daily arrivals since the pandemic began. We expect strong luxury retail sales to continue, which started since 4Q20, but table game spending has been tracking below expectations. Further, we

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Macau gaming revenue improves again but still down 64% from 2019 level