Visitation improving but lack of IVS limits gains: Bernstein

Macau has seen improved visitation since the easing of travel restrictions with Mainland China, though progress is slow and a V-shaped recovery is not expected, Bernstein Research said in a note.

Although travel has been relaxed with Guangdong province, Macau’s biggest source market, China still has not said when it will begin to reissue individual visit scheme (IVS) visas. 

“We are sceptical whether IVS will resume in July at this late stage or in August even,” it said.

Macau is recording about 2,000 visitors a day at present, up from 700 to 900 during the lockdown. However these are travellers with either a family or business visa.

According to the firm’s channel checks, the average daily rate for month-to-date gross gambling revenue is MOP43 million ($5.4 million), down 95 percent on the same period last year, but an improvement from June’s MOP24 million.

At present, Bernstein is expecting full-year GGR to be down 44 percent followed by a more than 96 percent rebound in 2021.

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