Macao gaming revenue down for 10th straight month in July
Macao endured its 10th straight month of declining gross gaming revenue and the third-worst month of 2020 in July, Macao’s Gaming Inspection and Coordination Bureau announced over the weekend.
Macao’s casinos reported gross gaming revenue of $168.5 million, a 94.5 percent decline from the $3.065 billion recorded in July 2019.
For the first seven months of 2020, Macao gaming revenue has totaled $4.396 billion, a 79.8 percent decrease from 2019.
The Chinese enclave has suffered the consequences of closures of border crossings by the Chinese central government as a means of controlling the coronavirus pandemic.
Last month, the government announced that borders would be reopened to adjacent Guangdong province, but crossings from Hong Kong were still restricted.
Analysts from J.P. Morgan said it would take time for the border reopenings to result in significant casino revenue. The government indicated that rolling border openings would occur in the weeks ahead, giving Macao an opportunity to recover.
Macao revenue is important to three Las Vegas companies operating there: market leader Las Vegas Sands Corp., Wynn Resorts Ltd. and MGM Resorts International.
The Review-Journal is owned by the family of Las Vegas Sands Corp. Chairman and CEO Sheldon Adelson. Las Vegas Sands operates six properties in Macao and one in Singapore.
Contact Richard N. Velotta at rvelotta@reviewjournal.com or 702-477-3893. Follow @RickVelotta on Twitter.
