Macau’s average daily gaming revenue reached just MOP$36 million (US$4.5 million) during the first seven days of August, despite showing some minor improvement week-on-week after casinos across the SAR reopened following their recent 12-day closure due to a COVID-19 outbreak.
According to brokerage Bernstein, the daily GGR rate was 26% higher the previous week although with border restrictions still in place and travel reluctance still high, most of this business has come from locals.
As a result, channel checks indicate that total GGR for the first seven days of August combined reached just MOP$250 million (US$31 million) with the daily rate down 95% on August 2019 and 75% on August 2021. Bernstein is still predicting August GGR to finish around 89% down on August 2019 levels.
“The month-to-date GGR is still constrained by travel restrictions and the city’s COVID measures,” said analysts Vitaly Umansky, Louis Li and Shirley Yang.
“Although Macau has seen some GGR recovery as the city resumes quarantine-free travel with mainland China, it could be slowing down due to the prolonged travel restrictions and COVID infection resurgence.
“Macau’s border city with China, Zhuhai, has just reported five COVID cases over the weekend (with linkage to Macau-based employees), and travellers crossing the border are now restricted to one round-trip per day until 8 September.
“Due to the local COVID cases in Zhuhai, daily visitation cap into Macau, and stringent 24-hour COVID test to cross the border, the near-term GGR recovery is still uncertain.”
