Macau casino gaming revenue recorded another punishing decline in May as COVID-19 quarantine rules continue to deter mainland Chinese gamblers from traveling.

Figures released Monday by Macau’s Gaming Inspection and Coordination Bureau (DICJ) show casino gaming revenue totaling MOP1.76b (US$221m) in May, a 93.2% decline from the same month last year. This makes eight straight months of year-on-year revenue declines, and pushes the 2020 year-to-date revenue total down 73.7% to MOP125.7b ($15.7b).

May’s revenue total was more than twice the MOP754m the market reported in April and May’s rate of decline was also better than analysts had expected. But that’s cold comfort to Macau’s six gaming concessionaires, all of which revealed significant downturns in their recent Q1 earnings reports and are reported to be losing an average of US$1m per day.

The numbers won’t start to recover until Hong Kong and Guangdong province, from which the bulk of Macau’s tourists depart, lift the 14-day quarantine imposed on individuals returning from Macau. Expectations are that these restrictions could be lifted within a week or two, but much will depend on the number of new COVID-19 infections remaining at a level Beijing can accept.