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Macau GGR down 57% over past week on seasonality, VIP hold and COVID pressures: Bernstein

Ben Blaschke by Ben Blaschke
Tue 22 Feb 2022 at 03:41
IAG spot count shows average 15 players on main gaming floors of 11 Macau IRs
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Macau’s gross gaming revenue plummeted 57% week-on-week in the seven-day period from 14 to 20 February, impacted by post-Chinese New Year (CNY) seasonality, low VIP hold and another positive COVID-19 case in neighboring Zhuhai.

The weekly estimate formed the crux of brokerage Bernstein’s weekly GGR update, with channel checks showing an average daily rate (ADR) of MOP$184 million (US$23 million) compared with MOP$428 million (US$53 million) in the prior week period.

Macau GGR had shown solid growth since the start of CNY but has been affected by China’s increasing wariness of the Omicron outbreak currently impacting Hong Kong.

The week-on-week decline was therefore larger than anticipated, “partly due to new COVID case in Zhuhai and greater travel tightening due to Hong Kong outbreaks and concern about spread into China,” said Bernstein analyst Vitaly Umansky.

“China’s COVID outbreak is largely under control, but the largest feeder market, Guangdong, is still reporting occasional local cases and the land border city, Zhuhai, again reported a local case on Feb 18 … Guangdong is now facing the pressure of imported cases from Hong Kong, impacting visitation.”

VIP hold was also substantially down on recent weeks, Umansky said.

On that basis, he puts Macau’s month-to-date GGR at MOP$6.3 billion (US$784 million) at an ADR of MOP$315 million (US$39 million) – down 65% versus February 2019 but 21% higher than February 2021.

February GGR is now tipped to come in 29% higher than January’s GGR of MOP$6.34 billion (US$793 million), revised down from 45% growth “due to the worsened COVID situation in Guangdong and drop in player visitation.”

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Tags: Chinese New Yearcovid-19gross gaming revenueMacauVIP
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Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

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