Breaking News: Gaming revenues fall by 90pct y-o-y in September

Gross gaming revenues have taken a 90 per cent year-on-year plunge in September to about MOP2.2 billion (US$277 million), the sixth consecutive yearly drop at 90 per cent or above since March.

Results for the month ended up being worse than many analyst projections, which estimated a fall between 70 to 88 per cent.

Meanwhile, cumulative gaming revenues for the first nine months of this year decreased by 82.5 per cent year-on-year to some MOP38.6 billion.

Results last month showed a small improvement as travel restrictions between Macau and the mainland were gradually lifted.

As the pandemic situation stabilised in Mainland China, the issuing of individual tourism visas was gradually resumed, first for Zhuhai residents on August 12, then for Guangdong residents on August 26, and finally, for the whole of Mainland China on September 23, right on time for the National Day Golden Week holiday period between October 1 and 8.

The partial re-opening of the border has already led to the average daily entries in the city to go from the approximately 4,000 per day reported in July to more than 15,000 in September.

However, Chinese tourists are still required to apply for tourist visas and present a negative test result to enter the city and local casinos, and the economic impact of the pandemic coupled with tightening policies on capital outflows by the central government has also hurt the VIP sector in the city.