Macau saw a slowing of gaming revenue growth in June this year, with gross gaming revenue falling 37.4 percent from its high in May.
Macau GGR reached MOP$6.5 billion (US$817,340,292) in June, the lowest monthly GGR since November 2020. Compared to June 2019, the number was down 73 percent.
Just the month before however, Macau GGR had reached a 16 month high of MOP10.4 billion, due mainly to boosts from the Golden Week holiday.
The lowered June numbers were not unexpected, with analysts noting that the spike in covid-19 cases in Guangdong caused a tightening of restrictions for mainland visitors from that region causing a fall in GGR.
However, the cases in Guangzhou have been easing since June 22, according to Bernstein, and Macau and Guangdong governments have been discussing easing the validity of COVID-test certificates from 48 hours to seven days.
“Any easing of travel restrictions should meaningfully increase visitation, and more importantly, GGR, but Covid outbreaks could derail travel temporarily,” said analyst Vitaly Umansky.
“Without IVS or group visa changes, Hong Kong travel opening, and loosening of covid testing requirements for entry, GGR remains below normal levels. We assume a GGR uplift to begin later this summer as travel impediments are eased,” he added.
Most recently, Macau has begun discussions with Macau about launching a travel bubble, which could come as soon as mid-July.
Bernstein said it expects July GGR to be down around 50 percent from 2019, but up 50 percent from June this year.