JP Morgan Securities, the Asian financial services arm, has recently announced that it expects combined gross gaming revenues to hit as high as $36.58 billion for the 39 casinos in Macau for the whole of 2022.
The Hong Kong-based company used an official Wednesday filing to detail, according to a GGRAsia article, that this would mark a rise of 0.3 percent compared to the $36.47 billion chalked up for 2019 and signal that the casino industry in the city had finally recovered from its coronavirus-induced slump.
The source announced that Macau recently posted six consecutive months in which aggregate gross gaming revenue dropped by at least 90 percent year-on-year, with its cumulative tally falling by approximately 82 percent on a comparative basis to just $4.83 billion for the first three quarters of 2010. JP Morgan Securities allegedly claimed that the downturn caused by the coronavirus pandemic has since been aggravated by ‘growing confusion’ in the VIP sector as well as the ‘nuisances’ associated with mainland Chinese tourist visa arrangements.
While all Chinese residents have been able to obtain visas since September 23 for the purpose of travelling to Macau, the financial institution has reportedly announced that the entire procedure has recently become ‘much more inconvenient’ as these permits are now only valid for one week after a processing period of ten days. It allegedly claimed that there is still a ‘stigma’ that often prohibits potential gamblers from applying to visit the former Portuguese enclave.
The filing by JP Morgan Securities reportedly read: