Macau’s daily GGR up 9% on surge in visitors: analyst
Macau’s average daily gross casino gaming revenue (GGR) for the week to August 21 was MOP 86 million ($10.6 million), up 9% from MOP 79 million per day the previous week, estimated the brokerage Sanford C. Bernstein Ltd in a Monday. note, citing his own channel checks.
The brokerage said GGR’s performance in Macau in the August 15-August 21 period was “helped by the continued improvement” in visitor numbers to the city since travel restrictions were eased. incoming and outgoing earlier in August, after local authorities were able to bring a local outbreak of Covid-19 under control which was first recorded on June 18.
“But the recovery is still slow as it is constrained by various travel restrictions in China, and players remain cautious about travel, lest the government suddenly impose [a] lockdown order,” Sanford Bernstein analysts Vitaly Umansky, Louis Li and Shirley Yang wrote.
They added: “Although Macau has not recorded any Covid cases since July 30 and has seen some improvement in visits this month, the pace of GGR recovery in August and September is still uncertain and depends on much of China’s ability to quickly contain regional Covid outbreaks. ”
The chain’s verifications indicate that Macau’s GGR in the first 21 days of August was 1.4 billion MOP, with an average daily rate of 67 million MOP, down 53% year-on-year the next, but up 419% month-over-month from July.
Macau Casino’s GGR for July – which stood at MOP 398 million – was the lowest monthly count since records currently released by city authorities, dating back to 2003. Macau’s casino floors were operating on just 19 of the month’s 31 days. A closed from July 11 to July 22 included, was part of the countermeasures for a local outbreak of Covid-19.
Macau visitor count reached 81,798 for the seven days from Aug. 12 to Aug. 18 inclusive – a daily average of around 11,685 – the Macau Government Tourism Office (MGTO) said in a Monday update. This was an increase of around 56% on the previous seven days, according to the tourist board.