August gaming results better than expected – Brokerage

Macau August gross gaming results were ‘better than expectations’ despite a 47 per cent month-to-month drop, analysts from Sanford C. Bernstein stated.

Gaming results in August dropped 82 per cent from August 2019 and down 47per cent from July 2021 to some MOP4.4 billion (US$554.5 million), the lowest monthly results reported this year so far.

‘August GGR was significantly constrained due to COVID-related travel slowdown/shutdown in China and border controls in Macau, due to its local COVID
cases on August 3 (but no new cases ever since) and the delta variant outbreaks in China,’ analysts Vitaly Umansky, Loui Li and Kelsey Zhu pointed in a recent Bernstein note.

Average daily revenues during the month amounted to MOP143 million (US$18 million), less 82 per cent when compared to August 2019.

‘Visitation and GGR have experienced the beginning of recovery in the latter part of the month as the travel impediments have been gradually relaxed, and China reducing travel restrictions in many areas after passing the peak of the most recent COVID outbreak.

With Macau having relaxed COVID test requirements for all arriving passengers from mainland China to seven days from the previous 48 hours, Bernstein expects visitation to Macau to start getting back to April/May levels by October.