Businesses remain slow in China’s gambling hub. Macau suffers losing streak for more than a year and a half due to the pandemic. Also, casino operators are waiting for tourists to return to the city.
In August, Macau’s gross gambling revenue is around $554 million. It was the lowest GGR for the city in 2021. Also, it was lower than the $3 billion monthly average in 2019. In addition, Macau’s gambling spending in August dropped by nearly half from the previous month. It was due to residents testing positive for the Delta variant after returning from the mainland.
According to online sports wagering reports, casinos in Macau have been a vital revenue source for operators based in the US. Some US-based gambling firms operating in Macau include Las Vegas Sands, Wynn Resorts, and MGM Resorts.
Macau Suffers Losing Streak
In March, Las Vegas Sands sold its Venetian resort and other assets in Las Vegas to focus on its properties in Singapore and Macau. But, according to sports betting software reports, it was a wrong move because Macau has been suffering losses since February 2020.
Macau imposed strict policies on travelers to prevent coronavirus from spreading in the city. Although China managed to bring down the number of cases, visitor arrivals in Macau remained low.
According to sports betting software reviews and news sites, Macau relaxed travel restrictions for people coming from China. However, visitors need to provide a negative coronavirus test from the previous seven days. After the announcement of the relaxed policies, shares of US-based gambling operators increased in value.
China allowed quarantine-free travel to Macau. However, it maintains strict border restrictions with Hong Kong, which is a significant source of tourists. Experts expect Macau to recover starting 2022. They are confident that casinos would rebound after the pandemic. However, travel restrictions affect casino operators at present.