Amid a strong recovery in gross gaming revenue (GGR) in the first half of the year, Macau casino operators are posting solid levels of free cash flow.
While June's GGR figure in the special administrative region (SAR) declined on a month-over-month basis, it still marked the second-best month for concessionaires there since early 2020. Overall, second-quarter GGR in Macau likely reached 62% of pre-coronavirus levels, according to JPMorgan. The bank estimates that in the June quarter, mass market GGR approached 85% of pre-pandemic highs, while VIP revenue was around 24%.
Grand Lisboa Palace operate SJM Holdings has long been viewed as financially the weakest of the six Macau casino operators.