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China – Visitation to Macau up but spend per head falls

By - 8 April 2021

Visitor numbers to Macau are on the up in the first week of April, but as Sanford C Bernstein highlights GGR of MOP$1.5bn (US$187m) plateaued with lower spend per visitor.

Bernstein analysts Vitaly Umansky, Kelsey Zhu and Louis Li said: “While visitation has been picking up, what is evidently relatively weak GGR clearly indicates lower spend per visitor. China eased travel restrictions in late February with the Jan-Feb COVID spike coming under control, and Macau visitation has seen some increase. A few weeks do not make a trend, and we expect GGR to improve through April and May.”

The Bernstein analysts believe that revenue in 2021 will hit around 64 per cent of 2019 levels.

Deutsche Bank believes GGR for the second quarter will hit $2.96bn with full-year GGR reaching $19.29bn, up 155 per cent on last year’s figures.

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