CHINA’S GAMING HUB MACAU ON A LONG LOSING STREAK
Macau is china’s huge GAMING HUB. It was the most occupied casino in china, but it has been more than a year since the casino is being closed due to the COVID – 19 pandemic occurring worldwide. The operators of the gaming hub are waiting for the tourists to come back to the Chinese city to restart their business.
During August, Macau’s gambling revenue collapsed to the correspondence of $554 million, which is the lowest monthly income and the long haul from $3 billion, the pre-pandemic monthly average for 2019. A few residents from the mainland returned as they tested positive for the COVID 19 delta variant; Macau’s gaming spending also fell by half from July due to this incident. Thus they are dealing with another setback with gaming hub’s efforts to recover from their previous losses.
Casinos in Macau are the world’s largest gaming market revenue. Also, they have been a key revenue source for US-based operators like Wynn Resorts Ltd. and MGM Resorts International. In March, Las Vegas cracked a multi-billion deal to sell its iconic resort Venetian and other Las Vegas assets; they are staking their future growth on its property in Macau and Singapore. The situation has been rather difficult for the former Portuguese colony, subsequently from February 2020, as China started to impose some strict rules on travelers due to the wide and running spread of Coronavirus all over the state, the biggest source of Macau’s high rollers. China has still brought the number of cases down in the state nearly to zero, but the visitor’s rate is far low than it used to be.
Macau’s government has let its guard down for visitors from china’s neighboring state Guangdong since 24th August. The visitors now only have to give the negative COVID 19 test results before seven days rather than the 48 hours. This is a change that they made is for the people to encourage traveling china. For more than a year, China has started a quarantine of free travel to Macau, yet the gambling hub continues to maintain the tight border restrictions with Hong Kong, which is said to be a big source of tourists.
Executives from China’s Gaming Hub Macau say that they are optimistic about Macau’s rebound and have expressed support for the responses from the government because of the COVID 19 virus, which has kept the number of cases low due to the strict imposed laws, but travel restrictions have cost the casinos.
Before the recent COVID 19 Delta variant outbreak, which imposed new treats on the city, there was hope for Macau to come back to stability. The casino had its disrupted recovery in May when a five-day holiday in mainland China dragged its visitors, and gaming revenue climbed 24% from its previous month, reaching its highest level of revenue since the pandemic hit china.
So far, Macau’s casinos have stayed out of the regulator’s aim. Still, President Xi Jinping’s anti-corruption campaign in recent years has forced Macau to focus on its number of old revenue and orient itself more towards bringing a huge tourist market towards it.
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