The small Chinese-run territory of Macau is one of the world’s biggest casino hubs. Unfortunately, this territory has been struggling to bring in gamblers due to the effects of the Covid-19 pandemic. New reports surfaced this week claiming that US casino companies in Macau have once again seen their share prices fall.
This has been a common occurrence for many casino operators lately. Many are beginning to show concern that Macau’s recovery could take years. Today, we’ll talk about what exactly led to this latest drop in stock prices.
Let’s get into it!
US Casino Companies in Macau See Share Prices Fall, Again
Macau was once the world’s most profitable gambling destination. Millions of visitors from Mainland China would flock to this territory on a monthly basis to gamble inside world-class casino resorts. In recent decades, some of the top US casino operators have opened mega-casinos here.
Things took a turn for the worst here back in early 2020. It was then that government officials began ordering the territory’s casinos to shut down. To make things worse, officials in Mainland China set intense travel restrictions to and from Macau. This has caused consistent revenue declines for many of the gaming operators here.
News broke this week that several US casino companies in Macau saw their share prices drop. This is mostly due to a recent spike in Covid-19 in Fujian, causing new health restrictions in the Macau area. Analysts expect to see tourism rates into this gambling hub plummet.
Las Vegas Sands saw its stock prices drop 12.3%. Wynn Resorts experienced a 12.4% price fall. MGM Resorts International also saw its share prices drop by 4.5%. It will be interesting to see how officials within these companies respond to the latest drop in their stock prices.
Things appear to be going far better for the casinos in the United States. Now is a great time to look at how much money the gambling venues across the US have been bringing in lately.
States Release Casino Revenue Reports for August
August tends to be a fantastic year for the casino industry. Some analysts were skeptical of how the industry would fare last August, though. Rates of Covid-19 have been steadily rising around the US and it was unclear if fewer people were choosing to visit casinos.
Several states have recently released their casino revenue reports for the month of August. That includes Michigan. Some of the most popular casinos in this state are located in Detroit. Overall, casino revenue from these venues came out to $113.8 million, representing a slight dip when compared to August of 2019.
Ohio’s casino industry fared much better. In fact, the casinos and racinos here managed to smash their all-time revenue record last August. These properties managed to bring in a staggering $194.3 million over the course of the entire month.
Analysts are eager to see how much the country’s top gaming destinations such as Las Vegas and Atlantic City fared last month. Both have been reporting impressive tourism figures. Hope is that another surge of gaming revenue has been flowing into these hubs.
Several US casino companies in Macau have seen their stock prices fall lately. It will be interesting to see if revenue increases in the US will help to boost these prices as the year goes on.
US Sports Betting Revenue Has Already Begun to Surge
There has been a tremendous amount of hype leading into this year’s NFL season. Many states around the country have been working hard to launch their first sportsbooks in time for the opening game. Several states were successful in doing so.
Reports have since surfaced showing that sports betting revenue has been surging lately. This is mostly due to the start of this football season. Tens of millions of bets have already been placed on the first week’s games through regulated sportsbooks.
This is great news for sports betting companies around the country. Many reported slight drops in revenue over the month of July. It seems likely that August will be a better month. September should prove to be the real moneymaker, though.
There are plenty of great online sportsbooks offering odds on this entire season. That includes BetOnline, one of the most trusted US gambling sites in the world. Feel free to check it out to see all of the betting options available here.
Are you surprised to see US casino companies experience revenue declines? Let us know in the comments section below!