JPMorgan last week estimated Macau's GGR at around 400 million MOPs ($50 million) per day, which analysts characterized as "the best non-holiday print in three years."

The figures suggest a recovery of more than 45% compared to pre-COVID-19 levels, suggesting that the mass market GGR may have recovered to "65% to 70%" of pre-pandemic levels, the brokerage added.

The agency estimated the total GGR for the first 19 days of February at 7.2 billion MOPs, up from 3.75 million MOPs to 380 million MOPs. 파칭코사이트인포

"This is slightly ahead of the strong, well-delivered beat of January's GGR, which averaged $374 million in MOPs per day," analysts DS Kim and Mufan Shi wrote.

They added that it was "a very solid print, especially given the slow seasonality after the long holiday." The Macau rally "still has a bridge" to coincide with easing COVID-19 response measures in mainland China, Macau and Hong Kong in early January, the agency said in another Monday note.

"The VIP recovery, estimated to be around 15% of pre-COVID levels, is also solidly tracking sectors deemed 'disappeared' given the demise of Junket," the JPMorgan team said.

Although they added. "We reiterate that VIPs do not move the needle much for revenue/cash flow, given the very low margin of high single digits [percentage]. … 35% to 40% of the mass."