Macau’s gaming revenue tumbled over 50% on year in Aug as tourists stay away even after latest Covid outbreaks
STOCKS
Macau’s gaming revenue tumbled over 50% on year in Aug as tourists stay away even after latest Covid outbreaks
STOCKS

Macau’s gaming revenue tumbled over 50% on year in Aug as tourists stay away even after latest Covid outbreaks

 

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Macau saw gaming revenue slumping more than 50% in August on year as tourists continued to stay away on fear of getting trapped in snap lockdowns even after then end of its worst Covid outbreak ever.

Gross gaming revenue in the world’s largest casino hub declined to 2.19 billion patacas ($272 million) in August, slumping 50.7% from a year earlier, according to data released by the Gaming Inspection and Coordination Bureau on Thursday. The results were worse than the median analyst estimate of a 47.5% year-on-year decline, prolonging a slump that started from March.

For the first eight months of the year, gaming revenue plunged 53.4% year over year to 28.86 billion patacas, showed the data.

J.P.Morgan had said in a recent note that Macau’s gaming business is unlikely to see material improvement before the Golden Week in October even if there is no community-level Covid transmissions.

UBS has lowered the forecast of Macau’s full-year gaming revenue in 2022 by 25% to $6.5 billion (about 52.5 billion patacas) from previous $8.7 billion (about 79.3 billion patacas).