The analysts said that gross gaming revenue through the first eight days of December was estimated to be a decline of 16% compared with December 2018
Macau.- After Macau’s casino gaming revenue fell 8,5% in November, December started in the same way. According to analysts of Sanford C Bernstein, temporary restrictions on exit visas for Macau-bound travelers behind President Xi Jinping’s impending visit this month had a strong impact.
The analysts said that gross gaming revenue through the first eight days of December was estimated to be a decline of 16% compared with December 2018 and 6% down on November revenue. As a result, they have revised their December numbers down from a previously estimated decline of between 8% and 11% to a decline of between 12% and 16%.
“The weakness in both segments is exacerbated by even tighter visa controls in preparation for the visit to Macau by China President Xi Jinping later in the month. Visa limitations/restrictions on IVS and transit visas are impacting higher frequency higher-end players in both VIP and mass along with junket agents, which has led to significant declines in high end visitation and GGR,” said the Monday note.
Mass is expected to be down low single digits year-on-year, while VIP volume is down in the low 30s percent, analysts Vitaly Umansky, Eunice Lee and Kelsey Zhu explained.
The visa control will extend Macau’s gaming revenue decline in December. Chinese President Xi Jinping is scheduled to visit Macau mid-month for the 20th anniversary of Macau’s handover from Portugal.