Macau gets 108% weekly GGR bump, but pace not likely sustainable: Bernstein

May 11, 2022 Macau Crime & Legal Industry Updates

Macau’s gross gambling revenue surged 108 percent during the past week as visitation improved over the May Golden Week holiday, but ongoing China Covid restrictions mean the outlook remains subdued, Bernstein wrote in a note.

Daily GGR came in at MOP200 million, which was 124 percent higher than in April, which was the worst month since the border reopened with China in September 2020. It was 76 percent down from its pre-Covid levels and 41 percent lower than last year.

Bernstein said May month-to-date GGR had come in at MOP1.8 billion ($223 million). VIP volume so far has almost doubled with a high hold rate, while daily mass has also more than doubled during the month.

The firm is predicting that for the month as a whole, GGR will be down 80 percent from its pre-Covid levels, “but could easily be lower (down mid 80s%) if travel does not pick up during the month.”

Although Covid cases on the Mainland appear to be slowing to 15 percent of the peak in mid-April, Beijing has insisted that there will be no wavering from its zero-Covid strategy. That’s despite an increasingly heavy toll on residents and the country’s economy.