Macau Gaming: Mid-month GGR update (July 2026: Week 2)

Research evidence excerpt

Macau Gaming: Mid-month GGR update (July 2026: Week 2)

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

13 July 2026

Macau Gaming

Mid-month GGR update (July 2026: Week 2)

• Still unexciting, as expected. As per our checks, Macau GGR for the first 12 Co-Head of Asia Pacific Consumer

days of July tracked MOP7.3B or MOP608m/day. This implies the last week’s Research and Head of Asia Gaming/

run-rate edged up 5% w/w to MOP621m/day, helped by favorable VIP luck Leisure Research

(3.5%+ vs typically 3.0-3.3%) as well as slightly better VIP volumes. That said, DS Kim AC

underlying demand remains soft and is tracking below the June’s level, as the (852) 2800-8597

drag from the World Cup outweighed the favorable seasonality. We’d like to ds.kim@jpmorgan.com

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

see improving trends into late July and August after the World Cup ends, but Morgan Broking (Hong Kong) Limited

the early read so far suggests downside risks to our prior forecast of a 7-9% Selina Li

decline for July, as mentioned in last week’s update. (852) 2800-8530

• What now? Macau gaming stocks have already corrected 25% YTD (vs HSI selina.c.li@jpmorgan.comJ.P. Morgan Securities (Asia Pacific) Limited/ J.P.

-5%), but we do not think the entry point is compelling yet, and we stay Morgan Broking (Hong Kong) Limited

‘selective’. The near-term data flow remains poor, and 2Q earnings are likely Lindsey Qian

to bring Street cuts and broadly downbeat commentary. We expect a better (86 21) 6106 6269

setup into September, when comps ease and the market may have more positive lindsey.qian@jpmorgan.com

J.P. Morgan Securities (China) Company Limited

catalysts to hold onto (such as Galaxy potentially lifting its dividend payout

with 1H results).