A full recovery in Macau could be delayed until 2023 as the slow rollout of vaccines prevents a significant easing of travel restrictions, Union Gaming writes.

The company said it expects 2022 aggregate revenue and EBITDA to return to 90 percent and 95 percent of 2019 levels, with VIP recovering to just 50 percent and mass outperforming at 105 percent.

Based on commentary from government officials in Macau, Hong Kong, and China, we may not see a complete reopening until mid-2022, making a full recovery in FY22 difficult to achieve,” it said. “The vaccination progress has been slower than expected in all jurisdictions.”