Wednesday, 30 September 2020

HAN CHINESE RATS RUN OUT OF CHIPS!

 

Macau Sees Little Sign of Recovery as Gaming Revenue Falls 90%

The MGM Grand Macau casino, left, stands illuminated at night in Macau on March 3.
The MGM Grand Macau casino, left, stands illuminated at night in Macau on March 3.

Macau gaming revenue showed little sign of improvement, notching a sixth straight month of declines of at least 90%, as a gradual relaxation of travel and visa curbs by China has so far brought few visitors.

  • Gross gaming revenue fell 90% to 2.21 billion patacas ($277 million) in September from a year earlier, according to data from the Gaming Inspection & Coordination Bureau. That was worse than the median analyst estimate for an 86% decline.

Key Insights

  • Macau also faces challenges as China is tightening controls on outbound capital flow. Liquidity continues to be tight in the enclave, with junkets seeing capital withdrawals.
  • The industry expects gaming revenue during China’s Golden Week, which started Thursday, to be about 30%-50% of last year’s level, said Linda Chen, vice chairman of Wynn Macau Ltd.

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