May is the second consecutive month when Macau’s GGR fell below 90%, with April’s revenues dropping by almost 97%. Exports of gaming services fell by almost 62% in total, with Macau’s gross domestic product dropping by nearly 49%. The first five months of 2020 earned Macau MOP$33.0 billion, which is a 74% drop compared to 2019.

The situation is likely impacted by the mandatory 14-day quarantine that nearby Guangdong Province has implemented for its citizens. All the arrivals from Macau need to be quarantined for two weeks, which halts free travel between locations.

Analysts from Credit Suisse said VIP revenues fell by 90% as well, adding that once the border reopens, VIP business should see “pent-up demand to lead the recovery back to 50% pre-virus level and likely to reach close to 100% level in summer time.”