SJMHY - Macau recovery expected to take hold in 2021

Bank of American weighs in on the 66% drop in Macau gross gaming revenue for December. "The MoM growth was partly helped by the Christmas holiday season. Macau government has imposed stricter quarantine rules on Dec 21, requiring people arriving Macau from locations except mainland China and Taiwan to undergo a 21-day medical observation upon arrival, versus the previously-mandated 14 days. Meanwhile, people with negative COVID-19 test certificates from low risk cities in mainland China can continue to enter Macau quarantine-free. Six areas in Beijing are now marked as middle risk due to some recent new local cases, while rest of Beijing is still at low risk. We believe overall recovery is still affected by the inconvenience of the manual and lengthy IVS (Individual Visit Scheme) application process and requirement of the COVID test." Looking ahead to this month, BofA expects January GGR will be down around 60%. The firm

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Macau recovery expected to take hold in 2021