S&P Global Ratings cuts Macau GGR forecast to US$1.08bn
Analysts at S&P Global Ratings have lowered their predictions for Macau’s gross gaming revenue in 2022.
Macau.- Amid the impact of the new wave of Covid-19 cases in Macau, S&P Global Ratings now predicts that Macau’s casino gross gaming revenue (GGR) will reach only 20 to 30 per cent of 2019 levels this year, equal to MOP87.74bn (US$1.08bn). The agency said mass-market revenue could reach 50 per cent to 70 per cent of pre-pandemic levels in 2023.
Analysts pointed out: “Our lower GGR forecast will result in credit measures being weaker in 2022 and 2023 than we previously expected and could cause leverage to remain above our downgrade threshold through 2023.”
Revenue for the first six months of 2022 was MOP26.27bn (US$3.26bn), down 46.4 per cent year-on-year and the lowest level since the MOP25.75bn recorded for the first six months of 2006. In June, gross gaming revenue plunged 25.9 per cent month on month to MOP2.48bn (US$310m), the lowest monthly GGR since September 2020.
Health authorities reported that the number of Covid-19 cases in the latest outbreak stood at 1,303 as of midnight on Thursday.
