Macau casino revenues remain below pre-pandemic levels and analyst expectations

June 3, 2022 Macau Earnings & Filings

Once a gambling mecca for international travelers, Macau continues to have trouble recovering from the COVID-19 pandemic. The SAR has been very strict when it comes to pandemic protocols, including closing down casinos and instilling travel restrictions and quarantines. Despite seeing monthly growth via gaming revenues, Macau continues to struggle with reaching pre-pandemic earnings, even though analysts expected that the region would be earning much more at this point.

May’s GGR Report

May casino gaming revenues came in at MOP3.34 billion ($415m). The Gaming Inspection and Coordination Bureau’s report shows that the month was up 25% from April, but still far below previous totals. May brought in 68% less than the same month in 2021.

May was the second-lowest month for Macau since October 2020 when the region reopened its borders to citizens of Mainland China. The worst month was the one before, in April. May was able to increase totals a bit due to the Golden Week, but it was still only 64% of 2019 numbers.

Analysts are now changing their forecasts for the upcoming year as the region continues to see lower than expected revenues. Deutsche Bank analysts feel that the year will earn $9.78 billion. This is lower than the previously estimated $9.82 billion.

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