Macau’s gross gaming revenue tumbled by 59.9% year-on-year to just MOP$30.64 billion (US$3.84 billion) in the three months to 31 March 2020 according to new data released by the Gaming Inspection and Coordination Bureau, including a 60.2% decline in GGR from VIP baccarat.
With COVID-19 decimating Macau’s gaming industry since late January, VIP baccarat contributed just MOP$14.81 billion in 1Q20, down from MOP$37.21 billion a year earlier and from MOP$32.32 billion in 4Q19.
Mass baccarat revenue suffered a similar hit, falling 59.3% to MOP$12.15 billion compared with MOP$29.88 billion in the prior year period.
VIP baccarat, which has been gradually losing its share of Macau GGR over the past year, saw its contribution increase from 44.7% of GGR in 4Q19 to 48.3% in 1Q20, while mass baccarat declined from 42.4% to 39.7%.
The forecast isn’t looking much better in the short term either. As reported by Inside Asian Gaming earlier this week, analysts from brokerage Sanford C Bernstein are estimating April GGR will decline by between 93% and 95% year-on-year assuming there is no sudden change to travel restrictions.
“We expect GGR to pick up again in May/June with loosening travel restrictions, but any strong near-term recovery is unlikely,” they said.
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