Revenue increased 279 per cent month-on-month but remained low compared to pre-pandemic levels.
Macau.- Gross gaming revenue (GGR) for Macau’s casinos during the Golden Week holiday period was down by 76 per cent compared to last year, according to a report from Sanford C. Bernstein.
Despite efforts to boost tourism for the October 1 to 8 holiday, which this year also included China’s National Day, results were “disappointing” for the gaming and tourism industry.
Sanford Bernstein analysts Vitaly Umansky, Tianjiao Yu and Kelsey Zhu said the first seven days of the Golden Week period generated total GGR of about MOP1.95 billion (US$246 million). That implied a daily average rate of MOP279 million, down 76 per cent year-on-year.
It at least marked a significant improvement on September, with revenue increasing 279 per cent month-on-month.
The researchers said: “At this stage, we estimate [full] October to see a [GGR] decline of maybe 70 per cent from the prior-year period. This is largely tied to visa processing and visitation and severity of any liquidity constraints which remain largely uncertain.”
However, they forecasted an increase in tourism: “The key will be the simplification of the visa process (currently taking up to two weeks to process), and perhaps elimination of the Covid-19 test requirement”.
Mainland Chinese tourists wishing to enter Macau must show a certificate for a valid, negative Covid-19 test, issued in the preceding seven days before arrival.