July ended with MOP8.4 billion (US$1 billion) represented a 25 per cent rise from a previous June greatly impacted by a Covid-19 pandemic surge in Guangdong.

According to a note by Deutsche Bank Securities Inc., this amount represents 65 per cent less than the gaming revenue amount reported in July, 2019.
The brokerage also indicated that the full revenue amount reported in the second quarter of this year, some MOP3.1 billion represented 43.6 per cent of the amounts reported in the same quarter of 2019, with mass revenue and VIP revenue amounting to 24.6 and 34.6 per cent, respectively.

Deutsche Bank Managing Director, Carlo Santarelli, also adjusted estimates for the full gaming revenue amount in the third quarter period from MOP4.2 billion to MOP3.3 billion.

Since July 20, a new wave of local Covid-19 infections from Nanjing has spread across ten provinces in China with total 328 cases detected over the past 11 days, which has raised fears of another impact in local gaming results, even if the largest feeder market of the SAR, Guangdong, has remained largely unaffected, aside from two cases found in Zhongshan and Zhuhai on July 22 and July 25.

Meanwhile, analysts from Sanford C. Bernstein, expect that as the Covid-19 cases are still spreading across China and Macau/HK travel is not likely to reopen soon, August should finish with a gaming revenue amount 60 per cent lower than August 2019, but up in the low teens from July 2021.
The brokerage expects a gross gaming revenue improvement to start in late summer as COVID-related travel constraints begin to fall away but admitted that at this stage ‘all forecasts are dependent on assumptions around travel reopening which are very uncertain’.