Moody’s, S&P say Macau casinos face prolonged recovery amid citywide Covid-19 lockdown, high interest rate environment

Macau’s casino industry faces a prolonged recovery from the impact of a citywide lockdown and a higher interest rate environment, according to rating agencies.

Gaming operators in Macau face low tourist arrivals because of strict coronavirus travel restrictions and, most recently, business closures, according to a report published by Moody’s Investor Service on Thursday.

Macau shut its casinos for the first time in two years on Monday, as the gambling hub suspended almost all business activities for a week in a bid to control a rising number of Covid-19 infections caused by the Omicron variant.

Macau’s gambling industry has already been hit hard by economic disruptions caused by the coronavirus pandemic, with gaming revenues falling 62 per cent year on year to 2.5 billion patacas (US$306 million) in June. In contrast, revenues in June 2019 totalled 23.8 billion patacas.

Source: https://www.scmp.com/business/article/3185330/moodys-sp-say-macau-casinos-face-prolonged-recovery-amid-citywide-covid-19