Macau casino revenue slipped 97% to $89.7 million in June: DICJ
The high-revenue generating casino hub Macau suffered a steep year-on-year decline in its gaming revenue during the month of June as the COVID-19 pandemic-caused travel restrictions and strict quarantines continued to discourage gaming enthusiasts from visiting the hub, newly-published official data revealed.
According to data published by Macau’s Gaming Inspection & Coordination Bureau (DICJ), casinos in the special administrative region (SAR) of China generated revenue of merely MOP716 million (US$89.7 million) during the month of June, representing a decline of 97 per cent from the corresponding month of 2019. It is also worth-mentioning here that June was the ninth month in a row in which the top casino hub of the world suffered a decline in annual revenue.
In May 2020, Macau’s casinos collectively generated a revenue of MOP1.76 billion, while the revenue figure for the month of April was reported at MOP754 million. The rate of decline in revenue recorded in June was also worse than April’s rate of decline of 96.8 per cent. For the year-to-date, the casino hub’s revenue slipped 77.4 per cent to MOP33.7 billion (US$4.2 billion) from the corresponding period of the previous year.
Macau’s casinos have been struggling since February, when the outbreak of COVID-19 pandemic forced authorities to issue shutdown orders for all non-essential businesses, including gaming facilities. Since then, strict travel restrictions and quarantines have kept high-roller gamers away from the SAR. All those restrictions are part of the government’s efforts to curb the potentially deadly virus that claimed more than 516,000 lives across the world.
Earlier this week, Hong Kong’s government declared that it had extended its 14-day strict quarantine policy for all people arriving from the casino hub. People travelling from Mainland China to Macau are not required to self-isolate in Macau but they have to undergo 14-day quarantine after they return to the mainland. The ban on the popular Individual Visit Scheme (IVS) has not been lifted yet.
According to the casino hub’s Statistics & Service Bureau (DSEC), local hotels greeted merely 116,000 guests during the month of May, representing an annual decrease of 89.9 per cent. Average occupancy rates slipped to just 12.3 per cent.
As casino revenue plays the most important role in Macau’s financial system, the steep decline in proceeds will surely put a great strain on the local economy. The government has already announced its decision to slash its annual budget by around 10 per cent and impose ‘austerity’ measures on various social services.
New Zealand News
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