May GGR expected to be down 90 - 95%: Bernstein

Analysts at Bernstein Research expect Macau to report a 90-95 percent year-on-year fall in GGR in the month of May, as the gambling enclave continues to be impacted by Covid-19 travel restrictions. 

In a filing on Monday, the brokerage noted that month-to-date average daily revenue (ADR) is down 94 percent year-on-year compared to May 2019.

Bernstein estimates VIP volume to have been stronger than mass, with revenue driven by a small number of players. 

The brokerage said it did not have any definitive dates on when travel restrictions will improve, but it does expect easing in this regard over the next few weeks - either late May or early June. 

Bernstein’s current GGR forecast for 2020 is a year-on-year decline of 41 percent, followed by a rebound of 88 percent in 2021. 

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