Macau, as it seems, may not have a good time during the Chinese New Year (CNY) vacation, but it definitely gains some positive momentum in its casino and tourism industries. Hotel reservations and visitations couldn’t reach the minimum level of expectation as Covid-19 was still a concern and travel prohibitions were on the line. It prevented Macau from leveraging the annual celebration to recover from its devastating condition. However, when CNY was approaching, Macau casinos experienced a bit more auspicious blow since the advent of the global pandemic crisis. Now, they are hoping for stable and substantial growth with the pandemic restriction withdrawn.
A Strong Come Back is Near for Macau GGR
Country’s gaming analysts have noticed the GGR in Macau picking up some momentum at CNY’s end. Both Sanford C. Bernstein and JP Morgan have noticed that acceleration in GGR. JP Morgan pointed out that the CNY tail-end acquisition was quite great. He also said that according to their analysis, for the first 21 days of February, the estimated GGR was around $34.5 million per day against $31.2 million in the recent months. But the recent growth in GGR helped Macau to extract up to $58.25 million per day in the third week of February, and the amount is evidently almost twice what was in the first two weeks.
The review of Macau’s performance in February published by the Bernstein analysts was approvingly similar to the one from the Macau analysts. The Bernstein brokerage is highly optimistic about the possibility of the city’s imminent recovery. The analysts stated in their separate statements that Macau GGR had boosted up remarkably during February’s third week as an uptick in the country’s activity during the CNY holiday period. However, both analytics think that it will take a bit more while to reach the expected level as it is far off by almost 70% from its norm.
Though the first half of 2021 is still giving a headwind to the Macau GGR, with the travel restriction levitated, everyone is looking forward to observing a strong turn back from the country.