The recovery of Macaus gaming industry has proven to be slower than levels seen in other jurisdictions across Asia-Pacific, despite some signs of improvement over the first two weeks of September.<\/p>\n
According to a Monday note from investment bank JP Morgan, gross gaming revenue over the past week reached approximately MOP$115 million per day an improvement upon MOP$80 million per day in the first week of September and three times higher than the MOP$40 million per day of July and August.<\/p>\n
Visitation has also reached about 15,000 arrivals per day compared with 2,500 through July and less than 8,000 in August.<\/p>\n
However, JP Morgan analysts DS Kim, Derek Choi and Jeremy An noted this was still below earlier expectations that daily GGR would have reached closer to MOP$200 million per day by now after IVS visas were reinstated for the entirety of Guangdong Province from 26 August.<\/p>\n
The pace seems slower than what weve seen in other re-opened jurisdictions (such as Australia, Korea or US regionals, where local demand recovered to 70-100%+ of pre-COVID-19 levels in a matter of a months), they said, adding that the numbers suggest Guangdong has recovered to around 40% of its daily visitor numbers from 2019.<\/p>\n
The slower recovery is attributed to, Weak VIP amidst increased scrutiny on capital-flow and junket\/agents some practical issues that hinder visitations, such as slower visa processing (due to yet-to-reopen self-service kiosks) or COVID-19 testing; and seemingly less-than-strong confidence in travelling overseas.<\/p>\n
Wed like to think that these are rather transitory and can be resolved gradually in the coming months, but we admit the visibility is low.<\/p>\n
The analysts estimate September GGR to reach between 15% and 20% of last years level in September rising to between 40% and 50% in October, aided by the 1 October Golden Week holiday.<\/p>\n
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Visitation on the rise in September but Macau recovery slower than other jurisdictions - Inside Asian Gaming<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" The recovery of Macaus gaming industry has proven to be slower than levels seen in other jurisdictions across Asia-Pacific, despite some signs of improvement over the first two weeks of September. According to a Monday note from investment bank JP Morgan, gross gaming revenue over the past week reached approximately MOP$115 million per day an improvement upon MOP$80 million per day in the first week of September and three times higher than the MOP$40 million per day of July and August. Visitation has also reached about 15,000 arrivals per day compared with 2,500 through July and less than 8,000 in August. Continue reading