Macau Gaming Income Falls to New Low on China Omicron Outbreaks

Macau’s gaming revenue slump deepened in April, plunging 68% from a year earlier to the lowest level in about 18 months as the world’s biggest gambling hub suffers from a tourist drought amid China’s Covid lockdown measures.

Gross gaming revenue dropped to about 2.68 billion patacas ($331 million), according to the Gaming Inspection and Coordination Bureau. The results were slightly lower the median analyst estimate of a 66.5% year-on-year decline. In March, the city already reported a 56% drop in gaming revenue.

Revenue fell 27% from the previous month, and was down about 89% from pre-pandemic levels in 2019.
Key Insights
Another China holiday season — the five-day Labor Day break at the start of May — looks set to be a washout again for Macau. While Chinese holidays have traditionally been a peak season for the enclave, China’s strict Covid restrictions in Shanghai, Beijing and elsewhere are keeping visitors at home.

Source: https://www.bloomberg.com/news/articles/2022-05-01/macau-gaming-income-falls-to-new-low-on-china-omicron-outbreaks?utm_source=google&utm_medium=bd&cmpId=google