Macao's casino industry just had its worst ever month on record, with revenues down a massive 88% compared to February last year.
Data released by the gaming authority was not unexpected as it ordered a two-week closure of all casino resorts, Travel Mole reported.
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. If you fancy a trip, hotel room prices are in freefall.
Even before the unprecedented forced closure, guest numbers were down nearly 50%.
The gaming industry accounts for a massive 80% of economic impact in Macao and generates about four times as much as Las Vegas.
"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.
Data released by the gaming authority was not unexpected as it ordered a two-week closure of all casino resorts, Travel Mole reported.
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. If you fancy a trip, hotel room prices are in freefall.
Even before the unprecedented forced closure, guest numbers were down nearly 50%.
The gaming industry accounts for a massive 80% of economic impact in Macao and generates about four times as much as Las Vegas.
"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.
Australian casinos, also heavily reliant on Chinese high rollers, have not revealed how much coronavirus has impacted their businesses.
No comments:
Post a Comment