Macau's casino losses exceed $2B mark in H1 as they await bidding process; recovery not expected until 2023
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All Macau's casino operators reported half-year losses of $2 billion. Total gaming revenue came in at $3.3 billion, but the recovery is not expected until 2023. The city is still recovering from its largest Covid outbreak, which saw thelock-down of casinos for two weeks. The industry is also suffering from virus restrictions from the Mainland. Analysts warn that gaming revenues, the 80% of government tax revenue, could fall further even if the city reopens its border with mainland city Zhuhai.
Melco's operating revenues for Q2 were $296.1 million, down 44% from $566.4 million in the comparable period in 2021. The decrease is due to heightened border restrictions in Macau and mainland China related to COVID-19. City of Dreams Macao posted operating revenue of $97.3 million and Studio City reported $35.9 million.
Lawrence Ho's company's results for the second quarter of 2022 were heavily impacted by the COVID-19 pandemic and restrictions imposed across mainland China and Macau. The company is preparing to bid for new licenses ahead of the September 14 deadline. Operating rights are set to expire at the end of this year. Macao has tightened its gaming law and cracked down on lucrative VIP gambling.
