英文澳门博彩：2025年5月中旬博彩毛收入更新（第4周）

Asia Pacific Equity Research26 May 2025JPMORGANwww.jpmorganmarkets.comHead of Asia Gaming/Leisure and China Software/SaaS ResearchDS Kim AC(852) 2800-8597ds.kim@jpmorgan.comSelina Li(852) 2800-8530selina.c.li@jpmorgan.comJ.P. Morgan Securities (Asia Pacific) Limited/ J.P. Morgan Broking (Hong Kong) Limited•Better-than-expected. Based on our checks, gross gaming revenue (GGR) for the first 25 days of May was MOP17.5B, or MOP700m/day. This implies that last week’s daily run-rate rose >15% w/w to MOP685m/day to mark one of the best non-holiday prints in a year. It appears that demand from high-end players (VIP + super-premium mass) was particularly strong last week, perhaps reflecting successful initial feedback on Capella, the Galaxy’s newly opened all-villa/suites hotel. •What’s next? Assuming a daily MOP600m-650m run-rate for last week, May is on track to print ~MOP21B-21.5B in GGR implying growth of 4-6% y/y. This translates into 3-4% y/y growth for 2QTD, which suggests 2Q25 will to g