July’s GGR was down 95.3 per cent year-on-year due to the latest Covid-19 outbreak.
Macau.- As expected, Macau’s gross gaming revenue plummeted in July amid a Covid-19 outbreak that saw casinos closed for two weeks. GGR was down 83.9 per cent month-on-month from MOP2.48bn to MOP398m (US$49.2m). The figure was down 95.3 per cent when compared to July 2021.
GGR for July was the lowest since 2003 when city authorities began publishing monthly figures. Macau’s GGR for the first seven months of 2022 combined stands at MOP26.6bn (US$3.29bn), down 53.6 per cent year-on-year.
June’s GGR had already been hurt by the outbreak of Covid-19 cases, which began on June 18. Casinos initially remained opened but with nearly no business. They eventually closed for two weeks in July, reopening with limited staffing on July 25. Business remains low due to travel restrictions in mainland China.
Authorities reported have reported 1,821 Covid-19 cases since June 18 but as of midnight last night, there had been no new cases in 72 hours.
Macau gaming industry to rebound once travel restrictions are erased
During a webinar held by the France Macau Chamber of Commerce (FMCC), analysts coincided that the recovery of the Macau tourism market could be as rapid as that of Las Vegas once travel restrictions are lifted.
According to Macau Business, Andrew Klebanow, co-founder and senior partner of C3 Gaming, said: “Once vaccines started to become widely available in March 2021 people felt very comfortable going out again and there was this pent-up demand for entertainment, to just get out of the house or get out of town to a casino and to escape.”
Joseph Greff from JP Morgan Securities came to a similar conclusion and said the gaming industry might rebound quickly once inbound travel restrictions are relaxed.
During an interview with business news outlet CNBC, Greff pointed out that while the outlook is tough for the near term, in the longer term, Macau could have access “to a large quantum of people with a proclivity to game.”