Coronavirus consternation for Macau casinos
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June's gross gaming revenues for Macau casinos fell by over 62% year-on-year to a 21-month low of $306.47 million. The figure is 25.9% below the $413.37 million recorded for the month of May.
Macau is home to some of the world's largest and most prestigious casinos. The former Portuguese enclave recorded its largest coronavirus outbreak since the early 2020s.
The government of Macau shut down all public buildings and brought in multiple rounds of mass testing due to the reappearance of coronavirus. 90% of local employees were kept at home from last Friday.
Macau's gross gaming revenues for the first six months of 2022 have fallen by 46.4% year-on-year to stand at approximately $3.25 billion. It's the worst first-half performance since the roughly $ 3.18 billion chalked up for same period in 2006. The current state of the city's gambling scene is squeezed on several fronts owing to coronavirus, new gaming legislation, junket closures and a range of public health-related travel restrictions.
JPMorgan Chase and Company believes it's unlikely any of Macau's six licensed casino operators will generate positive first-half earnings. Alidad Tash from local gaming management consultancy 2NT8 Limited takes an upbeat view.
