acau gambling revenue in January dropped 63.7% year-over-year as the world's biggest casino hub struggled to boost visitors from its key market of mainland China because of a rise in COVID-19 cases across the border.
January's figure was 8 billion patacas ($1.00 billion), according to figures released by the Macau government on Monday. However, the number showed sequential improvement from the mark in December and topped the consensus expectation from analysts for a drop of 67%, Seeking Alpha reports.
December‘s GGR of 7.82 billion patacas ($977.5 million) had been the highest since January 2020, aided by a seventh straight month of improved visitation with visitor numbers reaching 659,407.
Visitation bottlenecks due to visa processing and COVID-test requirement slowed down traffic during the month, according to Bernstein. "On a relative basis, premium mass was the best performing segment during the month, while junket VIP was most hamstrung and base mass continued to be hampered by low levels of visitors and Hong Kong travel closure," the firm said.