Macau’s daily gross gaming revenue slumped to its lowest level since October 2020 in the six days from 10 to 15 May, impacted by post Labor Day seasonality according to brokerage Bernstein.
In its Macau weekly GGR update, Bernstein analysts Vitaly Umansky and Louis Li said daily GGR reached just MOP$50 million (US$6.2 million), down 75% on the first nine days of the month and 44% lower than the April average, itself the worst month since September 2020.
“The significant week-on-week GGR decline is due to post Labor Day seasonality (demand slowing after holiday), COVID border measures and potential visa control on gamblers,” the analysts said – the latter referencing reports that mainland China is cracking down on “unnecessary” travel by its citizens.
“The latest channel checks have indicated that frequent gamblers to Macau have seen visa issuance denied by China immigration offices,” they added.
“As China Immigration Administration just reiterated strict COVID border policy and restrictions on non-essential travel, we expect near-term visitation and revenue may remain constrained.”
Month to date, total GGR of MOP$2.1 billion (US$252 million) is 83% lower than May 2019 and 58% lower than May 2021. However, it is tracking ahead of April with VIP volume tracking 60% higher month-on-month and daily mass GGR 50% higher.
Bernstein said it has lowered its May GGR forecast to be down 85% versus May 2019 but 49% higher thanks to the early boost from Golden Week.