Macau: GGR set to fall 95% in April

Estimated decline is based on revenues generated from April 1 to April 5 with just MOP500million recorded.

Macau.- Gross gambling revenue for April could be down 95% or more if travel restrictions remain in place, analysts from Bernstein Research said.

The estimated decline is based on revenues generated from April 1 to April 5 with just MOP500million recorded.

This suggests an average daily rate (ADR) of MOP100 million ($12.5 million), down 98 per cent on the same period last year.  

“The gaming operators and other Macau based contacts we have spoken with do not see any clarity on timing of recovery,” the report said.

“VIP has been stronger than mass driven by a small number of players, with normal hold in VIP and significant volatility,” it added.

Macau’s casinos are the only properties in Asia to remain open after a 15-day shutdown in February.

There were signs visitation would improve in March after Macau appeared to have the outbreak under control, reporting a 40-day stretch with no new cases.

But several new infections brought in by foreigners led to the government imposing restrictions once again, including closing borders.

Until further notice there are limited flights into Macau and the Hong Kong, Macau, Zhuhai Bridge has now also been shut. 

“On top of travel restrictions, overall softness in the China economy mitigates any near-term recovery,” Bernstein analysts warned.