Macau GGR down 8% in second week of January
Macau’s GGR for the second week of January was down 8 per cent week-on-week with average daily revenue of MOP244m (US$30.5m).
Macau.- Sanford C. Bernstein Ltd has reported that Macau’s gross gaming revenue (GGR) for the second week of January was down 8 per cent when compared to the previous week. According to analysts, revenue was hit by a new outbreak of Covid-19 cases in mainland China, which has led the city to tighten travel restrictions again.
The average daily rate during the second week of January declined from MOP266m (US$33.3m) to MOP244m (US$30.5m). Month-to-date GGR is MOP4.1bn (US$509m), down 68 per cent when compared to pre-pandemic levels, with average daily revenue of MOP256m.
VIP transaction volume has fallen by 50 per cent so far this month, mainly due to the crisis in the sector that deepened after Alvin Chau Cheok Wa, CEO of Suncity Group Holdings, was arrested over cross-border gambling and money laundering accusations.
Analysts at Bernstein expect Macau’s GGR for January will be down 72 per cent when compared to pre-pandemic levels and down 20 per cent month-on-month. As for expectations for the Chinese New Year, it will largely depend on Covid-19 cases and whether the border remains open.
The chief executive of Hong Kong, Carrie Lam Cheng Yuet-ngor, has said that an outbreak of Omicron variant Covid-19 cases in Hong Kong may hinder the city’s chances of reaching a quarantine-free travel arrangement with mainland China.
The reopening of the border between Hong Kong and Macau is eagerly awaited as Hong Kong has historically accounted for 15 per cent to 20 per cent of Macau’s total gaming revenue.
