The average daily rate (ADR) of Macau’s gambling revenue reached $34m for the week of 8-14 March, according to Sanford C. Bernstein Ltd.
It’s a 6% growth compared to the previous week. Month-to-date ADR for March 2021 dropped 68% compared to the same period in 2019.
“Macau GGR during the second week of March improved slightly from the first week, even as VIP hold dropped below normal,” said analysts.
One of the reasons behind lower figures is the slow implementation of online services when applying for individual visit scheme visas from China. Another is the lack of visitors from Hong Kong, as the city normally accounts for 10-15% of Macau’s revenue.
Bernstein predicted the travels between cities might only pick up in Q2. According to the analysts, Macau’s recovery might have to wait until the second half of the year, but they predict the recovery will be significant.
JP Morgan Securities Ltd stated that month-to-date, GGR reached approximately 30% of pre-pandemic levels, mass tables are around 40% and VIP reached 20%. JP Morgan analysts estimated Macau GGR for the first 14 days of March was MOP3.7bn ($462.7m) or MOP264m a day, a slight dip from MOP260m per day recorded for January and February.
“We expect GGR to keep improving sequentially starting March (MOP260m to MOP270m per day) into May (MOP350m to MOP370m per day),” said JP Morgan.