Macau gaming revenue hits a downturn. According to data released by the Gaming Inspection and Coordination Bureau, Macau’s gross gaming revenues fell by 93.2% year-on-year to MOP$1.76 billion (US$220.4 million) in May.
This would be the second consecutive month in which GGR has plummeted by more than 90%, with April having previously recorded a 96.8% decline. Macau’s dire gaming revenues come after Guangdong Province introduced a mandatory 14-day quarantine for all arrivals from Macau, including local Guangdong residents, in late March, driving down visitation into the SAR.
Credit Suisse analysts Kenneth Fong, Lok Kan Chan and Rebecca Law share their insights detailing that “Looking ahead, once the border reopens, we believe that VIP business should see pent-up demand to lead the recovery back to 50% pre-virus level and likely to reach close to 100% level in summer time,” they added. “On the other hand, we believe mass GGR recovery could be gradually back to 70% to 80% level by the summer holidays as China may reopen IVS visas in phases.”