Casino hub Macau recorded record low gaming revenue in July; to reopen public services, entertainment facilities from Tue

 

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The world’s largest casino hub Maccau’s gross gaming revenue (GGR) totaled 398 million patacas in July, the lowest since records began in 2009 and slumping 95.3% from a year earlier, according to data released by the Gaming Inspection and Coordination Bureau on Monday.

The GGR in the first seven months of the year tumbled by 53.6% year over year to 26.67 billion patatas, showed the data.

Analysts at Citigroup had lowered forecasts of Macau’s July gaming revenue twice, slashing its estimate to 400 million patacas from initial 1.5 billion patacas and then lowered it further to 250 million patacas.

Morgan Stanley had estimated Macau’s July gaming revenue to slump 49% from the month before to 1.26 billion patacas, with estimates for monthly revenue in August – October at 3.4 billion patacas, 3.75 billion patacas and 7.14 billion patacas.

Earlier on the day, Macau’s government said that the city will reopen public services and entertainment facilities, and allow dining-in at restaurants from Tuesday.

“There have been no community infection cases in Macau for nine consecutive days … and the risk of the spread of the coronavirus has been greatly reduced,” the government said.

Beauty salons, fitness centers, and bars too will be allowed to resume operations, it said.

Health authorities will require residents to wear masks when they go out and must show a negative coronavirus test within three days to enter most venues.

The city has reported around 1,800 infections since mid-June when it was hit with its worst coronavirus outbreak that forced the closure of casinos and locked down most of the city.