Macau GGR down 62% between July 1 and 10

Macau has recorded daily casino gross gaming revenue of MOP20m (US$2.48m) for the first 10 days of July.

Macau.- Sanford C. Bernstein Ltd has reported that gross gaming revenue in Macau was down 62 per cent in the first 10 days of July when compared to the MOP52m average daily rate recorded between June 20 and June 30.

The numbers were severely impacted by the latest outbreak of Covid-19 cases In Macau, which started on June 19. Earlier this month, authorities announced a series of countermeasures to avoid a rise in new cases that led to a plunge in the number of tourist arrivals.

Yesterday, the government of Macau decided to shut casino venues as well as non-essential business venues until July 18. Macau casino stock prices declined after the announcement. Sands China’s shares fell 9 per cent while Wynn Macau’s 7.8 per cent, SJM Holdings by about 6.3 per cent and Galaxy Entertainment’s 6.1 per cent.

Analysts at Sanford Bernstein now predict the average daily GGR in Macau for July as a whole will be down 85 per cent month-on-month. The figure could be even lower “depending on the length of Macau lockdown and travel restrictions.”

In June, Macau’s gross gaming revenue was down 25.9 per cent month-on-month, from MOP3.34bn (US$413.4m) in May to MOP2.48bn (US$310m). The figure was down 62.1 per cent year-on-year (June 2021: MOP6.54bn).

Macau’s GGR for the first six months of 2022 combined stands at MOP26.27bn (US$3.26bn), down 46.4 per cent year-on-year.