Sanford C. Bernstein Ltd reported in a memo today (Monday) that the latest checks indicate that “frequent gamblers to Macau have seen visa issuance denied by China immigration offices.”
The note comes amid China’s ongoing clampdown on cross-border gambling. Last week, China’s National Immigration Administration said that since 2021 it had “spotted and stopped” from leaving the country, over 90,000 people that were allegedly “engaged in gambling activities”.
Bernstein said in the note: “As China Immigration Administration just reiterated strict Covid-19 border policy and restrictions on non-essential travel, we expect near-term visitation (to Macau) and (casino) revenue may remain constrained.”
At present, Macau’s borders are closed to all non-residents from outside the Greater China region.
Bernstine added that Macau’s month-to-date GGR (May 1 to 15) is MOP2.1bn (US$252m), with a month-to-date average daily rate of MOP140m (US$16.8m), down 83 per cent compared to May 2019 and down 58 per cent versus the May 2021 average daily rate. Bernstein predicts May GGR will be 85 per cent below its 2019 levels.
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