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Gross gaming revenue in Macau fell 68% year-over-year during May to 3.34B patacas ($410M), according to the Gaming Inspection and Coordination Bureau.
The monthly tally was 25% higher than the mark from April, but missed the consensus expectation for a drop of 64%.
GGR is down 44% to $24.79B patacas ($2.94B) on a year-to-date basis.
The six major casino operators continue to burn cash for their parent companies as they wait out the pandemic. The Macau casino industry was burning an average of $12M a day in Q1, per estimates from Morgan Stanley and Goldman Sachs.
Looking ahead, the outlook for Macau traffic is improved with COVID restrictions eased in Shanghai and Beijing. The very first overseas arrivals have also visited Macau after the government approved visits from Portuguese non-residents.
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), Studio City International (MSC).
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