Macau’s casino gross gaming revenue (GGR) for the first 15 days of February was disappointing, according to specialists.
The estimated GGR for the period was MOP3bn ($375.7m), an average of MOP200m per day. Analysts from Sanford C. Bernstein estimated month-to-date average daily rate of GGR was down 78% year-on-year, GGRAsia reports. For the first six weeks of 2021, Macau’s GGR dropped by 23% compared to a year earlier, with an average of $25m per day.
Experts at JP Morgan Securities, DS Kim and Derek Choi, predicted numbers might pick up during the second-half of the Chinese New Year week, as the first three days typically are spent with family and are considered to be a lull period. However, visitations to the city during the holiday saw a 72% drop from a year prior.
“Macau GGR declined during the second week of February and the beginning of the Lunar New Year,” said analysts at Sanford Bernstein. But they remain optimistic and added: “Macau will continue to experience headwinds during H1 2021, but we see a strong improvement beginning in H2 as COVID-related travel constraints begin to fall away.”
“We’d hope to see a meaningful uptick for the coming week’s data,” said analysts at JP Morgan. “But visibility remains extremely low amidst ongoing travel curbs and it wouldn’t really move the needle for investment sentiment anyway, in our view.”