Macau GGR seen down 80 percent in March

Bernstein Research issued another grim note on the condition of the Macau gaming industry, finding that March GGR was likely to decline 78 to 80 percent on a year-on-year basis.

“Our channel checks indicate that Macau’s GGR for March 1-22 was estimated to be ~MOP 4.0bn with MTD ADR (average daily rate) of ~MOP 182mm (~US$23mm), as Macau gaming continued to suffer from the ongoing coronavirus pandemic,” the analysts wrote.

They added, “We estimate VIP has been stronger than mass, with high hold in VIP (~ 4%) and significant volatility on smaller groups of players. During the month, we expect Wynn and Melco to have gained share on VIP relative outperformance.”

“Forecasts for the near term (i.e. 2020) are largely guesses at this time, with the biggest variables now being when travel restrictions from China will be lifted and how quick the Chinese economy will recover,” they concluded.