By Tyler Durden
Casinos in the world’s biggest gambling hub Macau showed minimal signs of improvement in September, slumping for the sixth consecutive month, despite the easing of tourist visas for visitors from mainland China, reported Bloomberg.
Visitors from the mainland account for over 90% of Macau’s tourist inflows but given recent visa curbs by China, and the resurgence of the virus, travel to the gaming hub remains dead.
September’s gross gaming revenue fell 90% to $277 million from a year earlier, according to new data from Macau’s government on Thursday, missed the average analyst expectation of an 85-86% decline.
“Fears China is broadening a crackdown on offshore gambling has sparked a rush to withdraw billions of dollars in Macau, threatening a recovery in the coronavirus-stricken economy,” executives told Reuters. Even though China relaxed travel restrictions to Macau on Sept. 23, by granting visas to mainlanders, executives warned that more arrivals to the gaming hub would result in an exodus of more cash.
With travel restrictions eased in the last couple of weeks, casino floors remain mostly empty as strict requirements to enter Macau from the mainland continue, such as virus testing, which has shifted many Chinese travelers to other destinations such as Hainan.
Linda Chen, vice chairman of Wynn Macau Ltd., said revenue during China’s Golden Week (begins Oct. 1) to be about 30%-50% of last year’s level.
Macau’s lackluster recovery has been widely hindered by slower visa processing, virus testing, the decline in overseas travel, the resurgence of the virus, and increased scrutiny on capital outflows by Beijing.
Shares of Wynn Macau trading on the HK stock exchange were around HKD 12.36, or about 41% below the mid-January high of HKD 20.8.
- Macau’s Gaming Revenues Crash 94.5% In July As Recovery Hopes Dim
- Macau Gaming Revenues Down 97% As Travel Restrictions Take Toll
- Macau Gaming Revenue Collapses 87.8% In February
The latest gambling revenues from Macau muddies the outlook for the world’s largest casino hub.
Source: Zerohedge
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