The Macau gross gambling revenue in the week to June 14 fell 3 percent from the prior week and was 35 percent lower than in May due to new travel restrictions on an outbreak of Covid in Guangdong province, says Bernstein Research.
Bernstein analysts are expecting Macau June GGR to be down around 30 percent from May, due mainly to a surge in covid-19 cases in Guangdong and increased travel restrictions for travelers from the region.
Although Macau's gross gambling revenue showed significant improvement in May, both year-on-year and sequentially, significant headwinds remain and the figures did little to excite stock investors.
Sands China and Galaxy Entertainment accounted for about 45 percent of Macau's gross gaming revenue in the first quarter of this year, according to Deutsche Bank analysis. S
The Macau June gross gambling revenue is likely to be down in the mid-50s percent from the same month of 2019 as new clusters in China slow recovery, Bernstein Research said in a note.
Macau's gross gambling revenue continued to show signs of improvement in May, boosted by the Golden Week holiday and gaining 492.2 percent from the same month last year.
Macau's gross gambling revenue in the week to May 23 was up 12 percent from the prior week, but was still 6 percent lower than April, with the lower end tourism market comprising the majority of arrivals, according to Bernstein Research.
Genting Singapore is in a strong position to win a license for an integrated resort in Yokohama, which has the potential to generate gross gambling revenue of about $7 billion a year, Maybank Research said.
Macau gross gambling revenue dropped 53 percent from May 9 to 16, compared with the first eight days of May, slowing more than expected after the Golden Week holiday, Bernstein Research said.
Macau's gross gambling revenue soared 92 percent in the first nine days of May from the final week of April, helped by the Golden Week holiday and is likely to end up month up in the low 50s percent, Bernstein Research notes.