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Macau’s gaming revenues tumble 80% in March

Macau gaming revenue dropped down for the sixth straight month in March as the casino doors were slammed again keeping the visitors away during the pandemic. Operators in Wynn Macay, Sands China, MGM China, Melco Resorts, SJM Holdings and Galaxy Entertainment are all bleeding between $1.5 million and $4 million each day to keep their properties running.

In February, the casinos in the gaming capital saw 88% drop in revenue and the virus continue to do so leaving the world’s largest gaming hub to undergo another hit in March 2020. Macau’s gross gaming revenue came down to 80% as per the reports released by the Gaming Inspection and Coordination Bureau.

Vitaly Umansky, an analyst at Sanford C. Bernstein in Hong Kong, who had forecast the March range   said, “Forecasts for 2020 remain largely guesses at this time, with constantly changing conditions altering expectations on an almost daily basis.”

Last week, the Chinese special administrative region banned entry by visitors from mainland China, neighbouring Hong Kong and Taiwan who have travelled overseas, following earlier bans on foreign visitors and non-resident workers. Visitors from the Greater China region account for more than 90 percent of tourists to Macau.

The outbreak of the virus seems to have no end. As of today, 8 April, there have been over 14 Lakh positive cases around the world with 82k deaths. Many expect revenues to keep falling at the same pace, with some even predicting almost no revenue while the curbs stay. Macau said it expects a drop of 56% in annual gross gaming revenue this year to 130 billion patacas ($16.3 billion), down from 260 billion patacas forecast last year.

For more updates gaming industry around the world, keep reading GutshotMagazine.com and stay tuned!

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