Macau GGR up 6% in second week of March
Macau gross gambling revenue continues to improve but remains a long way below previous years.
Macau.- Macau casinos saw gross gaming revenues of US$34m per day in the second week of March, up 6 per cent compared to the first week of the month.
Although Macau’s average daily rate remains down 68 per cent compared to the same period in 2019, revenue is up by 1 per cent from February this year.
According to analysts at brokerage Sanford C Bernstein, a meaningful recovery is unlikely to be seen until the second half of the year due to ongoing travel and visa restrictions.
The easing of travel restrictions in mainland China has benefited Macau. However, Hong Kong, which provides 10 to 15 per cent of Macau’s annual casino gross gaming revenue (GGR), continues its countermeasures due to a new spate of cases.
Bernstein forecasts that GGR will reach about two thirds of its 2019 levels during 2021, although the VIP market is expected to be weaker, reaching only half of its prior levels.
Macau government announces stimulus packages
Macau’s Secretary for Economy and Finance, Lei Wai Nong has announced that the government will launch new stimulus measures to help kick-start the economy.
The stimulus package includes e-coupons and a cash bonus for residents. The government will also provide programmes for employees, including those in the gaming industry and those on unpaid leave.
