Greater China

Macau’s Q1 gross gambling revenue breakdown clearly shows the mass market pulling ahead of the VIP sector, which is struggling to recover from the double-whammy of Covid and policy pressures in China.

Chinese bookings for Macau during the five day Golden Week holiday in May are up 20 percent over 2019 levels, according to Trip.com.

Mass market baccarat accounted for 51 percent of Macau's gross gambling revenue in the first quarter of this year, according to figures released by the Gaming Inspection and Coordination Bureau.

Macau Labor Affairs Bureau (DSAL) deputy director believes there will be fewer blue-card holders in Macau if the unemployment rate continues to rise. The last time unemployment was this high was around 2009-2011, shortly after the global financial crisis. Chan added that some industries will suffer more than others. 

Macau's narrow economic base and its high concentration of tourists from China restrain the city's credit rating and have contributed to historically high levels of gross domestic product volatility, Fitch Ratings says.

Macau's tax revenue take from its gambling industry fell by 50 percent in Q1 to MOP9.1 billion ($1.14 billion), according to the Financial Services Bureau.

Fitch Ratings has given a vote of confidence to the recovery in Macau, revising its outlook on the special administrative region to stable from negative.

MGM recently held the “Seminar on Technology Application and Development of Green Buildings in China and Macau”. 

VIP GGR in Macau during the first quarter held at around 20 percent of pre-covid-19 levels according to a note from JP Morgan on Wednesday. 

Macau chief executive Ho Ian Seng has told lawmakers that there are currently no plans to relax restrictions on non-resident foreigners from entering Macau.