Macau Gaming Mid-month GGR update (June 2026: Week 1)

Research evidence excerpt

Macau Gaming Mid-month GGR update (June 2026: Week 1)

J P M O R G A N Asia Pacific Equity Research

08 June 2026

Macau Gaming

Mid-month GGR update (June 2026: Week 1)

• Not exciting, but not surprising. GGR for the first 7 days of June tracked Co-Head of Asia Pacific Consumer

MOP4.9B or MOP700m/day, as per our checks. This is 4% below May’s Research and Head of Asia Gaming/

MOP729m/day, but still largely in line with our expectation for flattish Y/Y Leisure Research

momentum (or around MOP680-720m/day). VIP luck factor appears DS Kim AC

relatively normal at around 3%, so we do not see much noise from hold. The (852) 2800-8597

bigger question, in our view, is whether demand holds through the FIFA World ds.kim@jpmorgan.com

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

Cup period (11 June ~ 19 July 2026), which could temporarily pull premium Morgan Broking (Hong Kong) Limited

players’ time and wallet share away from Macau. We continue to model June/ Selina Li

July GGR to be flattish Y/Y (+/-2% or so), with broadly flattish momentum for (852) 2800-8530

the balance of the year. selina.c.li@jpmorgan.com

• The more important point is positioning, not the weekly number. Macau Morgan Broking (Hong Kong) Limited

stocks have already corrected by 20% on average YTD, vs HSI -4%, despite Lindsey Qian

1Q earnings coming in modestly ahead. In other words, buy-side expectations (86 21) 6106 6269

are low – but not yet low enough to attract a bid, as investors still seem reluctant lindsey.qian@jpmorgan.com

J.P. Morgan Securities (China) Company Limited

to step in before the sector clears tough comps and potential World Cup

disruption.

• What now? Be patient, but get ready. Near term, the setup still feels

uninspiring. But by August/September, the equation could look cleaner: