Macau casinos hit harder than Vegas. Macau, located on the southern coast of China and a one-hour ferry ride from Hong Kong, is the world’s largest legal casino destination by revenue, bigger than Las Vegas. The city is home to 41 casinos as of 2019, and only three U.S. Casino companies have properties there: Las Vegas Sands, MGM, and Wynn. For the year to date, Macau has generated revenue of MOP52.62bn, down 80.5% on the MOP269.62bn brought in by the end of November last year. Current year-to-date revenue is just over the MOP50.31bn brought in between January and February 2019 alone. Macau’s travel restrictions have had a major financial impact on many casino operators. The Macau gaming market fell to a five-year low in 2015, with casino revenue slowed by the sinking Chinese economy and government reform programs that crushed the high-end gambling business. The full-year total is the largest since 2014, when Macau posted gross gaming revenue of $43.7 billion. Wall Street analysts expect Macau’s gaming revenue gains to continue in 2018 amid. Figures released Sunday by Macau’s Gaming Inspection and Coordination Bureau (DICJ) show market-wide casino gaming revenue of MOP7.3b (US$914m), a 72.5% decline from the same month last year but.
Casinos in Macau took in revenue of MOP1.76bn (£177.9m/€198.4m/$220.4m) in May, more than double revenue for April but down 93.2% year-on-year, as the novel coronavirus (Covid-19) pandemic continued to have a major impact on business.
Revenue for 2020 to date now totals MOP33.00bn, down 73.7% year-on-year. More than two third of this total continues to be from January’s revenue, which itself was down 11.3% from the year prior.
The continued low revenue figures – less than February and March, when casinos were ordered to close for 14 days – is likely mostly due to a decision on 25 March ordering all non-residents arriving in Macau to self-isolate for 14 days.
The territory’s government also announced on 30 May that gross domestic product (GDP) fell 48.7% in the first quarter of 2020, with the decline of the tourism and casino industry, as well as the gaming services industry, playing a large part.
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In April, Macao’s head of government, chief executive Ho Iat Seng criticised the country’s “excessive dependence” upon the gambling industry. In Macau’s annual policy report, Ho said this dependence meant the special administrative region was especially hard-hit by the novel coronavirus (Covid-19) outbreak.