Macau GGR will be down 89% in August, analysts say
Macau has recorded daily casino gross gaming revenue of MOP36m (US$4.5m) for the first 7 days of the month.
Macau.- Sanford C. Bernstein Ltd has reported that despite an easing of Covid-19 countermeasures in recent weeks, it expects Macau GGR to remain low throughout August. According to analysts, GGR is likely to be down 89 per cent when compared to pre-pandemic levels at around MOP2.67bn (US$330.1m).
The average daily rate recorded between August 1 to 10 was MOP36m (US$4.5m). The figure was up 26 per cent week-on-week, from MOP28m for July 25 to 31, due to the border reopening with China.
Since August 3, anyone wishing to leave Macau for Zhuhai in the neighbouring province of Guangdong is exempt from seven-day quarantine. Travellers must still present a “negative” Covid-19 infection certificate issued within 24 hours before their scheduled departure time and should avoid using public transport and going to crowded places.
The Macau government has announced that as part of its Covid-19 countermeasures, most people will be restricted to one outbound trip and one return trip to Macau each day from August 9 to September 8 to Zhuhai as the city has reported several Covid-19 cases in the past few days.
Authorities have also announced that from August 12, the quarantine period for incoming flights from Hong Kong will be shortened to three days, plus four days of self-isolation. Hong Kong has historically accounted for 15 per cent to 20 per cent of Macau’s total gaming revenue.
However, mainland China has been recording about 4,500 Covid-19 cases per day so analysts do not expect a reopening of Hong Kong’s border with China any time soon.
Macau GGR plunges to lowest monthly tally since 2003
In July, Macau’s gross gaming revenue plummeted to its lowest level since records began in 2003. The drop came 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.
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.
