Macao Casinos Post Another Dismal Month as August Revenue Plunges 95%
monthly gambling revenue plunged 95% or more from the year-ago period. The casinos might be open, but gamblers aren’t visiting.” data-reactid=”12″>For the third straight month, and for the fourth time in the last five months, Macao casinos reported monthly gambling revenue plunged 95% or more from the year-ago period. The casinos might be open, but gamblers aren’t visiting.
Year to date, gambling revenue is down over 80% from 2019 due to the coronavirus pandemic and the subsequent tough travel and tourism restrictions the government imposed to and from the city, the only place in China where gambling is legal.
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No dice
Macao’s Gaming Inspection & Coordination Bureau reported just 1.33 billion patacas, the local currency of Macao, or $167 million, was taken in in August, compared to 24.3 billion patacas last year.
(NYSE: LVS), Wynn Resorts (NASDAQ: WYNN), and Melco Resorts & Entertainment (NASDAQ: MLCO) were forced to close for two weeks in February due to the COVID-19 outbreak, business has not returned.
Las Vegas Sands reported revenue of just $47 million in total Macao revenue in the second quarter, a 98% drop from the near $2.2 billion it generated in the second quarter of 2019, while Wynn Resorts, which generates almost three-quarters of its revenue from Macao, generated less than $21 million from its two resorts, a 98% decline from the near-$1.2 billion notched last year.
Melco Resorts was no better, realizing $156 million in revenue, down from almost $1.3 billion last year.
reissuing travel visas to visit Macao last month, but it’s a very narrow opening as it applied to a single adjacent city. Investors shouldn’t expect casinos to recover anytime soon.” data-reactid=”35″>China began reissuing travel visas to visit Macao last month, but it’s a very narrow opening as it applied to a single adjacent city. Investors shouldn’t expect casinos to recover anytime soon.
Rich Duprey has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.” data-reactid=”44″>Rich Duprey has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
Macao Casinos Post Another Dismal Month as August Revenue Plunges 95% was originally published by The Motley Fool” data-reactid=”45″>Macao Casinos Post Another Dismal Month as August Revenue Plunges 95% was originally published by The Motley Fool
