VIP gross gaming revenue (GGR) in the Macau market was “bad” in the first quarter, “hovering at circa 20 percent of pre- Covid-19 levels,” said a Wednesday note from JP Morgan Securities (Asia Pacific) Ltd. The mass segment had “fared better” in the three months to March 31, at 39 percent of pre- Covid-19 levels, estimated the institution in a lookahead for first-quarter earnings season for the six Macau casino operators. The Macau government is yet to publish the data on the structure of market GGR for the first quarter. JP Morgan noted that the first quarter had a “silver lining” in that VIP and mass respectively were better than the 15 percent and 38 percent of pre- Covid-19 GGR levels seen in the fourth quarter of 2020.