Macau casino revenues plunge nearly 90 percent
Macau’s casino industry just had its worst ever month on record, with revenues down a massive 88% compared to the month of February last year.
The data released by the gaming authority were not entirely unexpected as it ordered a two-week closure of all casino resorts.
The former Portuguese colony has only had 10 cases of coronavirus and no new cases in the last month but it is hugely reliant on the Chinese market.
Even before the unprecedented forced closure, guest numbers were down nearly 50%.
The gaming industry accounts for a massive 80% of economic impact in Macau and generates about four times as much as Las Vegas.
However analysts are confident it will bounce back in time.
"We do not think Covid-19 will curb gamblers’ enthusiasm in a sustainable way, so its impact on the industry’s sustainable earnings power should be limited," JPMorgan Chase & Co wrote in an investor’s note.
After permitting casinos to reopen, officials ordered all visitors and casino staff to wear face masks.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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