Macau’s average daily gross gaming revenue remained flat week-on-week in the first six days of March, but there are concerns that both visitation and GGR will be further impacted in the short-term amid rising case numbers in Guangdong province.
According to a weekly channel check conducted by brokerage Bernstein, Macau’s combined GGR for the six days from 1 to 6 March was MOP$1.1 billion (US$135 million) with an average daily rate of MOP$183 million (US$22 million) – down 78% on March 2019 and 32% lower than March 2021.
Visitation is also showing signs of slowing, with latest figures from the Public Security Police Force for the period from 28 February to 2 March showing a 26% decline in travel into and out of Macau compared with the previous week to 41,000 journeys.
“China’s COVID outbreak is still largely under control, but the largest feeder market, Guangdong, is reporting rising cases which could lead to further spread in China and greater travel impediments in the near term,” said Bernstein’s Vitaly Umansky.
“Macau continues to require in-bound travelers from Guangdong to present a COVID test taken within 48 hours prior to entry, while air arrivals from other provinces remain at 7-day test requirement (although this could rise if cases become elevated in other parts of China).
“Hong Kong continues to have a large number of COVID cases but official daily numbers have come down over the last three days.”
Umansky noted that Guangdong cases were increasing last week, with double-digit cases in Shenzhen and Dongguan.
The brokerage is estimating a 25% month-on-month decline in Macau’s average daily GGR rate in March, representing an approximately 75% decline on March 2019.
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