Holiday arrivals slump in Macau

Business | Kevin Xu and Bloomberg 6 Oct 2020

Macau's tourist arrivals plunged by 87.4 percent from a year ago to 77,092 during the first four days of the Golden Week holiday.

Mainland arrivals during the period also fell by 86.2 percent year-on-year to 72,684. That accounted for 94.3 percent of total tourist arrivals, the Macau Government Tourism Office said.

Citigroup and China International Capital Corporation (3908) analysts forecast Macau's gaming revenue would drop 70 percent year-on-year in October.

Shares of casino operators dropped yesterday. Galaxy Entertainment (0027) dipped 0.67 percent to HK$51.6, Sands China (1928) dropped 0.84 percent to HK$29.6 and MGM China (2282) went down 2.08 percent to HK$9.41.

Macau's gross gaming revenues nosedived 90 percent year-on-year in September to 2.21 billion patacas (HK$2.15 billion), data from the Gaming Inspection & Coordination Bureau showed.

Tourist visas, through which most visitors enter the territory, were reinstated for all provinces from September 23.

"Despite the Chinese government reopening tourism visa applications nationwide, all self-service visa kiosks remain suspended, leaving the government's visa-processing capacity severely constrained," said Citigroup. "This has temporarily put a 'soft cap' on the number of visas issued."

Citigroup expects gross gaming revenues to fall 74 percent year-on-year in the fourth quarter, and 2020 to end with a year-on-year decline of about 80 percent.

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