Guangdong reopening drives further improvement in Macau GGR through mid-July

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Macaus daily gross gaming revenue gathered further momentum in the seven days from 12 to 18 July, up 6% compared with the previous seven days and 33% versus the June average.

According to a note from brokerage Bernstein, the improvement was due to the recent easing of travel restrictions between Macau and Guangdong Province with the latter having remained COVID-19 free since 22 June. As previously reported by Inside Asian Gaming, the Macau government this month removed mandatory quarantine requirements for arrivals from some Guangdong cities and increased the validity period of COVID-19 tests for arrivals from 48 hours to seven days.

The result has been a steady increase in visitation, with average traffic in and out of Macau reaching 49,200 from 9 to 15 July and arrivals topping 32,000 last Friday 16 and Saturday 17 July.

In the week to 18 July, Macaus daily GGR was MOP$300 million (US$37.5 million), up from MOP$282 million (US$35 million) in the week prior. Month to date, GGR is estimated at MOP$5.2 billion (US$650 million) with daily GGR of MOP$288 million (US$36 million) up 33% on June although still down 63% versus July 2019.

VIP hold is above normal rate and VIP volume saw a 28% increase in average daily rolling volume month-on-month, Bernstein said.

Average daily mass GGR is also up 25% to 27% from June.

Despite the improvement, Bernstein analysts have tempered their July GGR outlook from a low 50 percentage point decline compared with July 2019 to around 60% based on the slower than expected start of a travel bubble between Macau and Hong Kong.

It was hinted by Hong Kong Chief Executive Carrie Lam late last week that the launch of a travel bubble with Macau may depend on a similar agreement being put in place with mainland China first.