GGRAsia – New mainland Covid cases brake on Macau: tourism bosses ggrasia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ggrasia.com Daily Mail and Mail on Sunday newspapers.
The Morgan Stanley banking group has cut by 19 percent its estimate for Macau market casino gross gaming revenue (GGR) generated this year.
The bank said its downward revision was due to “continued delay” in easing of travel rules relating to movement between Hong Kong and Macau, and between mainland China and those places.
“Despite a reduction in new Covid-19 cases in Asia, the conditions to open,” travel, “without many restrictions, are more onerous,” wrote analysts Praveen Choudhary, Gareth Leung and Thomas Allen.
The banking group now thinks Macau’s 2021 GGR will be just under MOP130.19 billion (US$16.3 billion), which would still be up 115.4 percent year-on-year on the MOP60.44 billion achieved in 2020, when disruption to inbound tourism due to the Covid-19 pandemic was at a height.
Visitor arrivals to Macau in April – most of them from mainland China – rose 5.3 percent month-on-month, and soared by more than 7,000 percent year-on-year. It was the highest monthly tally since the onset of the Covid-19 pandemic in February 2020, when inbound travel to the city was greatly curtailed by the mainland authorities, as a safety step.
This April, the city received a total of 794,819 visitors for the month, with 730,934 of those – i.e., 92.0 percent – from mainland China, according to data published on Monday by the city’s Statistics and Census Service.
Mainland China is the only place to have a largely quarantine-free travel bubble with Macau, amid existing travel restrictions as countermeasures against Covid-19.
Galaxy Entertainment revenue steady in Q1 as casinos recover from pandemic
13th May 2021
| By Nosa Omoigui
Galaxy Entertainment recorded revenue figures of HK$5.10bn (£470m/$660m/€540m) for the first quarter of 2021, marking a slight 0.5% increase from the same period last year.
Gaming revenue was the biggest contributor with HKD3.86bn – slightly down from HKD4.0bn last year – while non-gaming sources from resorts generated HKD598m. The operator’s construction materials division, meanwhile, brought in HKD641m.
The Galaxy Macau casino proved to be the company’s biggest revenue source, bringing in HKD3.4bn. Although gaming revenue from the casino was down 5.9% to HKD2.88bn, the Galaxy Macau mall raised HKD292m – a 93.4% rise from last year.
GGRAsia – Macau tourism has lower value gaming clients: brokerage ggrasia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ggrasia.com Daily Mail and Mail on Sunday newspapers.