The Chinese government's announcement earlier today that it would fully restore the eVISA scheme for mainlanders hoping to travel to Macau was said to mean a "significant" step in the recovery of local casino sites after COVID-19.

The allegations by U.S. investment bank JPMorgan Chase & Company come a year after casinos in their former Portuguese enclave suffered from the Chinese government's decision to restrict travel to stem the spread of the coronavirus pandemic, according to a report by GGRAsia. The source attributed the move to a dramatic fall in the city's total gaming revenue to about $3.93 billion since early January, down 53.1 percent year-on-year.

Financial outlook:

However, JPMorgan Chase and company analyst DS Kim reportedly used official paperwork to say that the full reintroduction of the eVisa scheme from tomorrow morning was a "significant step towards normalization in Macau" and would help casino operators in the city dramatically improve their earnings before interest, taxes, depreciation and amortisation figures. Furthermore, the well-informed figures reportedly predict that his firm will now experience a "gradual but meaningful recovery from December," which would eventually see gaming revenues in large markets reach 35% of pre-pandemic levels.

According to reports, he read Kim's affidavit…

"We think this reopening will significantly ease the friction on travel to Macau. For example, you don't have to book a pre-application location, you don't have to be interviewed, you don't have to wait more than seven days to get your visa approved."

Consideration of precautions:

According to such optimism and reports, Kim went on to declare that "multiple testing requirements" will continue to be applied to ensure that anyone wishing to enter Macau from China is fully free from the coronavirus. In addition, the practice expert added that "overall travel sentiment" among potential mainland visitors remains "very pessimistic" amid the recent resurgence of the deadly disease locally "without the illusion" that total gaming sales will "suddenly cease when eVISA resumes."

Adjacent activities:

The measures, unveiled by China's National Tourism Bureau, were reportedly welcomed by the Macau government, and mainlanders who want to travel to casino-rich areas can now submit their mandatory travel visa applications electronically again. GGRAsia noted that the easing would be additional for those using package tours, which are expected to welcome groups from nearby Guangdong province first.