Macau GGR will be down 99% in July, analysts say
Bernstein Research predicts that Macau’s casino operators will report nearly zero revenue for July due to Covid-19 restrictions.
Macau.- While casinos have reopened their doors after two weeks of closure, business remains practically nil in a month that has had barely any visitors. Analysts at Sanford C. Bernstein expect casino gross gaming revenue (GGR) to be close to zero, and down 99 per cent compared with pre-pandemic July 2019.
Analysts expect July’s average daily rate to be down 87 per cent from June’s. In June, Macau’s GGR plunged 25.9 per cent month on month, from MOP3.34bn (US$413.4m) in May to MOP2.48bn (US$310m). It was the lowest monthly GGR of the year and the lowest since September 2020.
According to Sanford C. Bernstein, Macau recorded a month-to-date GGR of MOP200m (US$24.8m) between July 1 to July 24. The month-to-date average daily rate was MOP8m, down 99 per cent compared to July 2019 and down 97 per cent compared to July 2021.
Analysts noted that Macau’s GGR recovery depends on reducing local Covid-19 cases to zero and resuming quarantine-free travel with mainland China. Macau has reported 1,814 Covid-19 cases since June 19. The government reported four new infections on Sunday but no community cases.
