Macau, the world’s largest gambling hub, reported massive losses due to travel restrictions imposed by China and other Asian neighbors.
The deadly virus caused a massive decline in global gambling revenue. Macau’s income decline is in line with the expert prediction that losses will reach 95 percent.
The novel coronavirus continued infecting around the globe. The number of infections globally reached more than eighteen million, with nearly 700,000 deaths.
The 46th and last case of novel coronavirus infection in Macau was released from the hospital last week. No reports of the disease were reported in more than 80 days because of the government’s effective campaign.
Because of the rapid spread of the virus, many countries around the globe reinstated their novel coronavirus preventive measures. The Guangdong province of China lifted some restrictions on travel to Macau, but the restrictions were restored recently because of its spread.
Coronavirus’ impact on casino revenue
Macau’s gambling revenue plunged 94.5 percent in July year-on-year. Only a few visitors went into the casinos despite the loosening of the restrictions. The decline is in line with the predictions of analysts that revenue will fall by 95 percent.
The average daily visitor of the casinos reached 108,000 last year. The individual travel scheme remained suspended despite the lifting of travel restrictions in Guangdong.
Macau’s casino industry saw a decline in revenue for ten straight months. Macau’s Gaming Inspection and Policy Bureau (DICJ) reported the casinos’ gaming revenue at $168.4 million in July. The revenue fell by 80 percent to MOP35 billion.
Provinces from China might lift the ban on travel
Hopes are high as news that the rest of the provinces in China plan to follow Guangdong’s move to start issuing on non-tourism travel permits beginning August 12. The report, however, has no confirmation from the Macau authorities.
The local casino operators in Macau could benefit from the decision. It gives hope to the gambling industry that visitors from China might start flowing into China soon. However, other neighboring nations are struggling in their campaign to prevent further spread of the deadly disease.
Analysts believe that Macau’s gaming revenue will go back to normal once the Individual Visit Scheme restriction is lifted. The casinos in China’s special administrative zone reported a massive decline in revenue.
Las Vegas Sands revealed losses of nearly 1 billion, while MGM Resorts reported losses amounting to $857 million. SJM Holdings lost $182 million, but its market share increased as local gamblers visit less flashy casinos.
The decline in revenue is expected to continue as the virus spread around the globe.
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