Macao Surges in Total Game Sales
Forty-one casinos in Macau have reported a significant increase in total gaming sales over the past week due to the city’s move to ease coronavirus-related travel restrictions with neighboring China.
According to a report by Inside Asian Gaming, the news was first revealed by global investment research firm Sanford C Bernstein Limited, which doubled the total daily gaming revenue of the former Portuguese residence in the seven days , bringing in about $19.6 million. The source detailed the tally following Macau’s welcome of 25,252 tourists from mainland China on Friday, the highest daily tally since the decision to require everyone traveling between the two territories to quarantine for two weeks.
Macau is home to the world’s largest and most prestigious casino, including SJM Holdings Limited’s iconic Casino Grand Lisboa venue and Melco Resort & Entertainment Limited’s $3.2 billion Studio City Macau development. But last month, the city government reportedly responded to a small outbreak of coronavirus by launching a new safety device that would require people arriving from the mainland to quarantine for at least two weeks.
Inside Asian Gaming reports that the precautionary measure has been rescinded , sparking a sudden rebound in total gaming revenue despite the fact that its tally for the first 24 days of the month was about $362 million, about 86% lower than a year earlier. Sandford C Bernstein Limited also reportedly said the average daily associated average for this enclave was about $15.1 million, about 38% lower than the median September value of about $24.4 million.
Analysts at Sanford C Bernstein Limited Kelsey Jou, Louis Lee and Vitali Umanski reportedly noted that daily VIP trading at Macau casinos is now down 45% month-on-month and the mass market sector is experiencing a similar 40% decline. But the three said daily cross-border immigration numbers were reportedly just 8% below the September average on their first 24-hour quarantine-free trip to China, and were similarly affected by various coronavirus-related precautions later this month, but an improvement of 48% over the August median.
“While we expect total gaming revenue to fall by more than 80% compared , total gaming revenue improvement is expected to continue in November and December, and greater travel hurdles removal is not expected until next year.
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