Success Returns at Different Speeds in Las Vegas, Macau
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Gambling is a game of chance. Las Vegas and Macau are the biggest gambling capitals in the world. Lady Luck has looked good for the casino owners in Las Nevada, but not for Macao casinos.
Macau is a "special autonomous zone" from China. It's largely dependent on tourism from the mainland. China's Covid crackdown includes strict limits on unnecessary outbound travel.
Macau's gaming industry saw revenues drop 68% year-over-year in May. Las Vegas is much better, as capacity limits in casinos were mostly lifted in March last year. April marked Nevada's fourteenth consecutive month with over $1 billion in gambling revenue.
In May, Macau's gaming revenues dropped 68% year-over-year. The six major casino operators burned a daily average of $12 million in the first quarter. April marked Nevada's fourteenth consecutive month with over $1 billion in gambling revenue.
Fitch Ratings has a rosy outlook for Las Vegas. The city is still two years away from a full recovery.
