April gaming revenues remain ‘soft’ – Brokerage

Gaming revenues have remained ‘soft’ in the second week of April but still saw a 16 per cent uptick from the previous week, reaching a daily revenue average of some MOP290 million (US$36.2 million), analysts from Sanford C. Bernstein stated.

Daily visitor arrivals to and departures from Macau were between 34,200 to 47,500 per day from March 31 to April 6, up from 30,000 to 40,000 earlier this year but lower than in March, when the average was about 49,000 per day.

According to channel checks carried out by Bernstein, local gross gaming revenues between April 1 and 11 reached some MOP2.9 billion with an average daily rate of some MOP268 million.

‘We reduce our estimate for April GGR to be down in the low 60s % compared to April 2019. Macau should continue to experience headwinds during 1H 2021, but we see strong GGR improvement beginning in 2H as COVID-related travel constraints begin to fall away,’ the brokerage added.

‘We expect GGR to improve through April and May’.