Official numbers reveal GGR of just MOP$30.64 billion (€3.51 billion) in the first quarter of the year.
Macau.- Macau’s gross gaming revenue fell 59.9 per cent year-on-year to just MOP$30.64 billion (€3.51 billion) in the first quarter of the year, according to the Gaming Inspection and Coordination Bureau.
The drop includes a 60.2 per cent decline in GGR from VIP baccarat, which contributed just MOP$14.81billion (€1.7billion) during the period, down from MOP$37.21billion (€4.28billion) in 1Q19.
Mass baccarat revenue suffered a similar decline, falling 59.3 per cent to MOP$12.15billion (€1.4billion) compared with MOP$29.88billion (€3.4billion) the year before.
VIP baccarat has been losing its share of Macau GGR over the past year, but saw its contribution increase from 44.7 per cent of GGR in 4Q19 to 48.3 per cent in 1Q20, while mass baccarat declined from 42.4 per cent to 39.7 per cent.
While the border restrictions in Macau remain in place, the outlook for the second quarter of the year is bleak.
Sanford C Bernstein analysts estimate April GGR will decline by between 93 per cent and 95 per cent year-on-year.
“We expect GGR to pick up again in May/June with loosening travel restrictions, but any strong near-term recovery is unlikely,” they concluded.