Macau casino revenue is weak again in August after mass COVID testing impacted traffic

Sep. 01, 2022 8:47 AM ETWynn Macau, Limited (WYNMF)LVS, MGM, WYNN, MLCO, WYNMY, SCHYY, SJMHF, GXYEF, MCHVF, MCHVY, SCHYF, SJMHY, MSCBy: Clark Schultz, SA News Editor

Macau"s Booming Gaming Industry

Chris McGrath

Gross gaming revenue in Macau fell 50.7% year-over-year in August to 2.19B patacas ($270M), according to the Gaming Inspection and Coordination Bureau. The soft GGR number was impacted by the mass COVID testing policy in the early part of August.

The monthly tally was a huge jump from July's record-setting low for the casino hub, but came in short of the consensus expectation for a 48% Y/Y decline. For the year, Macau GGR is down 53.4% compared to 2021.

Looking ahead, Jefferies thinks the gaming concession retender deadline of September 14 is unlikely to bring any surprises, with all existing operators expected to bid and win the new 10-year licenses. Analyst David Katz and team do not expect the upcoming Golden Week holiday in early October to be a positive catalyst with the local infection cases in China and resulting rapid lockdowns still negative factors.

Macau casino stocks Wynn Macau (OTCPK:WYNMF), (OTCPK:WYNMY), Wynn Resorts (WYNN), Sands China (OTCPK:SCHYY), (OTCPK:SCHYF), Las Vegas Sands (LVS), MGM China (OTCPK:MCHVF), (OTCPK:MCHVY), MGM Resorts (MGM), Galaxy Entertainment (OTCPK:GXYEF), SJM Holdings (OTCPK:SJMHF), (OTCPK:SJMHY), Melco Resorts & Entertainment (MLCO), and Studio City International (MSC).

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