Macau casino gaming revenue hits all-time low in July collecting only $49M amid Covid restrictions
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Macau's gaming revenue fell 95% to $49 million in July.
Macau's casinos reopened on July 23 after a nearly two-week shutdown to stop the spread of Covid-19. The downturn has made the city lose its title as the top gambling hub to Las Vegas. China's strict adherence to Covids Zero policies like lockdowns and movement curbs are discouraging visitors. Analysts predict it could take weeks for visitation numbers to bounce back. The recovery in gaming revenue is not likely until the end of the third quarter or during the fourth quarter. Chinese authorities want infections to hold near zero to bolster the case for reopening the border.
Macau's casino gaming revenue hit all-time low in July collecting only $49M. Analysts estimate industry could see a combined loss of about $500M for the last quarter. In the first six months of this year, Macau recorded $3.3B in gaming revenues, compared with $4B for Las Vegas Strip.
