Macau’s gross gaming revenue over the past seven days declined by 94% year-on-year, according to brokerage Bernstein, with average daily revenue (ADR) of just MOP$44 million (US$5.5 million).
According to a Tuesday note, Bernstein analysts Vitaly Umansky, Eunice Lee and Kelsey Zhu, the seven-day figure represents an even greater fall from the 87% decline Macau’s gaming operators experienced at the start of the month. Estimated ADR for the first 13 days of April now sits at MOP$66 million (US$8.3 million), down 92% year-on-year from an ADR of MOP$834 million (US$105 million in April 2019.
Bernstein pointed to VIP as the primary contributor to what relatively little GGR has been generated, with visitation into Macau hitting record lows this month following a recent announcement by Guangdong Province that all people arriving from Macau and Hong Kong, including mainland Chinese residents, would be subject to mandatory 14-day quarantine.
Inside Asian Gaming understands that a handful of high-value VIPs have chosen to remain in Macau in the wake of that announcement.
The brokerage is now estimating April’s GGR to be down by between 93% and 95% year-on-year assuming there is no change to travel restrictions.
“We expect GGR to pick up again in May/June with loosening travel restrictions, but any strong near-term recovery is unlikely,” Bernstein said.
