Bernstein sees Macau April GGR down as much as 95 percent

Bernstein Research issued a note on Tuesday predicting that Macau’s GGR for the month of April would be down 93 to 95 percent on a year-on-year basis.

The slow recovery seen in the immediate weeks after the February 20 reopening of the casinos has been followed more recently by “a pickup in coronavirus cases leading to new travel restrictions in mid-March led to a drop in GGR and visitation.”

“IVS and group visas into Macau remained suspended and most transport is severely disrupted with airlines having canceled or limited flights into Macau and surrounding airports back in February,” they added.

The inability of most foreign travellers to come to the territory is a key hindrance: “The gaming operators and other Macau based contacts we have spoken with do not see any clarity on timing of recovery.”

What little revenue has been coming in has been “driven by a very small number of players, with lower than normal hold in VIP and significant volatility.”

According to Macau’s Public Security Police Force, Macau saw only 810 visitors over the first three days of Easter, down around 99.8 percent from the prior-year period.