No sign of eVisa boost as Morgan Stanley revises down Macau estimates for 2023 and 2024

No sign of eVisa boost as Morgan Stanley revises down Macau estimates for 2023 and 2024

Article brief provided by Inside Asian Gaming
  • Ben Blaschke, Inside Asian Gaming
November 22, 2022 2:14 PM
  • Ben Blaschke, Inside Asian Gaming
  • Macau
  • Commercial Casinos

Mainland China resumed the issuance of eVisas to Macau from 1 November, but three weeks in there is no sign of any increase in visitor numbers as the mainland battles rising cases of COVID-19, according to investment bank Morgan Stanley.

In a Monday note, analysts Praveen Choudhary and Gareth Leung noted that near-term recovery could remain muted due to the current COVID spikes in Guangdong and elsewhere in China, effectively negating the resumption of eVisas.

“According to the Baidu Search Volume index, which tracks the incidence of keywords on Baidu search engines by Chinese Internet users (both Mobile and PCs), search volumes for keyword ‘Macau IVS’ did not increase even after e-visa channels reopened,” they wrote.