All over the world, land-based casinos are being forced to close down. This includes ones in Las Vegas, where many of the biggest gambling venues in the world are located. New reports indicate that Macau casino resorts may earn no revenue at all next month.
It’s extremely disappointing news for casino companies with property in this city. Macau continues to suffer from new regulations being made around the world. Today, we’re going to discuss what experts are predicting to happen here over the next few months.
Let’s get into it!
Officials in Macau Allow Casinos to Open Once Again
Macau is another one of the world’s largest casino destinations. Here, a huge number of top-notch gambling venues are currently operating here owned by major companies around the world. Back in February, officials in this city announced that all of the casinos were being forced to close down for 15 days.
This was due to the spread of Covid-19, a new coronavirus that emerged in Wuhan. After several cases in Macau, officials decided it was time to take drastic steps to change this trend. The closing of casinos here cost several companies millions of dollars every single day.
Some felt that this shutdown would last for months. Interestingly, city officials decided to open these gambling venues up once again and some felt revenue would begin flowing in. That is not the case.
Unfortunately, there are still many travel restrictions set in place here. Most people are completely banned from visiting Macau. As a result, casinos here are earning very little revenue right now.
It’s not clear how long this will last for. China and Macau are working hard to ensure that no major outbreaks take place. This is taking a major toll on many casino companies. This week, analysts released reports that claim things may not improve here anytime soon.
Macau Casino Resorts Are Expected to Lose Serious Revenue This Month
Just six months ago, Macau was one of the most profitable gambling destinations in the world. Millions of people flock to this city, many of whom are high rollers from mainland China. As the coronavirus began to spread, however, fewer people started to visit and gamble in Macau.
This should continue for some time. According to new reports, Macau casino resorts may earn no revenue next month. This would be the first time this has ever happened.
In February, gambling revenue in this city fell by an incredible 88%. March brought an 80% decrease in revenue compared to the same month last year. Some analysts now predict that revenue in April will be the worst so far.
“We wouldn’t be surprised to see Macau printing near-zero GGR until the restrictions at the Guangdong border are lifted,” an analyst at JP Morgan told the media.
It’s extremely disappointing news for many companies. There was hope that Macau could be a lifeline for US casino operators while the industry slows down. Now, it’s looking like this city may end up hurting these companies more than it helps.
US Casino Industry Continues to Suffer
The United States has a large and successful gambling industry. At the moment, all of the land-based casinos in this country are now shut down. It’s unclear when these gambling venues will open once again.
Las Vegas is being hit particularly hard. All of the city’s gambling venues were forced to close down last month. Tourism into the city is now lower than it’s ever been. Some city officials have been calling for regulations to relax, yet this is not happening.
Many casino companies are losing a huge amount of revenue here every single day. Almost no visitors are coming to Las Vegas right now. Even the airport is being forced to close some of its concourses due to the low number of travelers.
As many are aware, there are several Las Vegas casino companies that operate major Macau casino resorts. Now, these companies are losing a significant amount of revenue in several different parts of the world. Some feel these companies may eventually be forced to get rid of their Macau properties.
States continue to set new regulations that are hurting the casino industry. We’ll need to wait and see how long it takes for the country’s gambling venues to open up again. Hopefully, things begin to improve in Macau soon, too.
Stay tuned for more updates over the next few weeks!