Macau’s total gaming revenue is on track to post a 30% month-over-month increase in September, despite suffering a marked slowdown over the past seven days after the recent Mid-Autumn Festival.
According to the brokerage’s weekly GGR update, gaming revenue fell 20% on a week-over-week basis in the six days from September 13-18, after seeing traffic increase to more than 20,000 per day during the holiday period. However, that’s still well below 37,000 visitors per day during the first half of 2022 – before the COVID-19 outbreak on June 18 that saw GGR drop again to record lows.
While September showed some recovery, with daily GDP rising by $86 million (US$11 million) per day, up 22% from August, Bernstein analysts Vitaly Umansky and Shirley Yang said there was no sign of any further recovery. short term feasibility. . Notably, the average daily rate for September is still 88% lower than September 2019 and 56% lower than September 2021.
“GGR’s recovery in the near term will remain tepid as the Chinese government continues its strict travel policies for long-distance travelers and [there are] The ongoing regional COVID outbreak in China,”
Although overall daily cases are down in China, recent cases are up in Guizhou (also a tourist destination), and a small regional COVID outbreak continues in other areas.
Visiting Macau must remain thin until people feel confident about traveling and restrictions are eased. GGR in September and October is likely to be weak due to China’s travel policy.”
Bernstein estimates that the September GGR will remain 88% lower than it was in September 2021, albeit 30% higher than August 2022.