According to several analysts, Macau's casino gross gaming revenue (GGR) in April beat market expectations and beat historical trends. According to official data, the GGR in April was just under MOP18.55 billion dollars ($2.3 billion), down 4.9 percent from the previous month. Results were up 26.0 percent from a year ago.

Deutsche Bank Securities observed that its April GGR results showed a 1.7% decline in average daily earnings compared to March.

"The 1.7% per day sequential decline was better than historical trends, as the average April sequential decline was -4.1% from 2013 to 2019 compared to March," analyst Carlo Santarelli said in a note on Wednesday after Macau's April GGR announcement.

Investment bank JPMorgan said in a note on Wednesday that its April tally "wasn't too bad in the end with a better-than-concerned GGR."

"GGR grew +26% year-over-year to MOP18.5 billion in April, representing MOP618 million daily utilization and a 79% recovery rate compared to pre-COVID," analysts DS Kim, Mufan Shi and Selina Li wrote.

The JP Morgan team said estimates showed that in April, Macau's China market GGR "restored pre-COVID levels to 110% plus, meaning a recovery rate of about 90%/130% of grinding/premium mass respectively."

"On the VIP side, there has been little change, and the recovery rate is still around mid-20%," analysts added.

Deutsche Bank forecast Macau's May GGR to be just under $2.45 billion after the April market tally was announced, meaning a "monthly daily sequential improvement," compared with a "day-to-day sequential improvement of 2.6%" seen on average over the month of May.

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