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Macau’s March GGR running 79% down on 2019 numbers: Bernstein

Newsdesk by Newsdesk
Tue 10 Mar 2020 at 06:26
Lack of Cotai presence stings as VIP decline sees SJM lose more market share in 2Q19
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Macau’s gaming operators recorded gross gaming revenue of around MOP$1.4 billion through the first eight days of the month, down 79% year-on-year according to estimates from brokerage Bernstein.

The decline comes despite some improvement in visitor numbers – from around 5,000 vistors per day in late February to 8,000 at the start of March and 11,000 over the weekend – and a stronger showing in the VIP segment, aided by high hold.

As noted by Bernstein’s Vitaly Umansky, Eunice Lee and Kelsey Zhu, Macau’s casinos are still hamstrung by tight border restrictions and particularly the ongoing suspension of Individual Visitor Scheme and group visas.

“Visitation into Macau, while slowly improving, remains abysmal,” they said, pointing to the average 108,000 visitors that entered Macau every day in 2019.

“We estimate March potentially to be down between 75% to 80% (assuming no significant improvement in visa issuance and travel), which would imply an Average Daily Rate of MOP$165 million to MOP$210 million (US$20.5 million to US$26 million).

“Hold rate volatility could also impact our estimate. If VIP hold moderates and volumes do not improve, GGR could easily be down more than 80%. The operators we have spoken with do not see any clarity on timing of recovery at this time.”

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Tags: analystsCoronaviruscovid-19GGRgross gaming revenueMacauMarchSanford C BernsteinVitaly Umansky
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Newsdesk

Newsdesk

The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

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