Macau is home to some of the biggest and most famous casinos in the world. In what happens to be a 19-month bad run for the Macau gambling industry, the gross gaming revenue of all the casinos there was $331.19m. It marks a 68% year-on-year loss for the Macau gambling industry. GGRAsia broke the news to the world after the official statement came from the Gaming Inspection and Coordination Bureau.
Some of the world’s most famous casino conglomerates operate from Macau. There are more than 40 casinos here, including the biggest casinos in Macau – Galaxy Entertainment Group Limited, SJM Holdings Limited, Melco Resorts and Entertainment Limited, and MGM China Holdings Limited.
The April financial loss report shows that each of these conglomerates has suffered heavy losses. At this point, the combined four-month revenue of these conglomerates is running at a loss of more than 36%. At this point, many market experts are not surprised to see such a result. The gambling market in Macau had been performing badly for many months now.
Experts are trying to figure out why the gambling market is crashing in Macau. What used to be one of the biggest cities in the world for casinos is now a shadow of its former self.
The most tangible and apparent reason behind this is the COVID-19 pandemic. As fresh outbreaks were reported in Guangzhou, travel restrictions were quickly imposed. The same thing has happened multiple times over the last couple of years, and this has impacted the casino market significantly. More people are turning to online casinos in South Asian countries, including the Indian subcontinent, to experience the same fun and excitement from the comfort of their homes.
While the future may look bleak for Macau right now, things can take a turn at any time. Once the coronavirus outbreaks come to a halt and people finally start visiting casinos again, Macau may quickly recover from its ongoing slump. However, COVID-19 is not the only factor here. Casinos also need to ramp up their game to battle steep competition from online casinos.
At present, no one can say for sure when and how the market will bounce back. However, in the past, Macau and other casino centers have always bounced back from such hardships.
