CASINO WORLD NEWS Macau Casinos Post Worst Year Ever, Gaming Revenue Down 51% 1 month ago Szarlot Post Views: 70 Macau casinos have posted their worst year since 2004 as China’s strict Covid Zero policies wrought havoc on the gambling hub. The Gaming Inspection and Coordination Bureau said Sunday that gross gaming revenue in December fell 56% from a year earlier to 3.48 billion patacas ($433 million), slightly below the median estimate of a 57% decline. However, the region has recently seen a loosening of pandemic curbs, thus fueling optimism about a long-awaited recovery for the year ahead. Revenue for the full year amounts to 42.2 billion patacas ($5.2 million), down 51% from 2021 and far short of the pre-pandemic level of 292 billion patacas ($36.4 billion) in 2019. Still, as reported by Bloomberg, analysts predict a rebound in 2023, with a median estimate of 195% growth. Gaming revenue has been declining since March as virus outbreaks and lockdowns in China led to a tightening of outbound travel, and a crackdown on cross-border gambling saw tougher rules around issuing visas. Revenue plunged to a record low in July, when the city was hit by a major flareup that saw casinos shut for almost two weeks and prompted the mainland to suspend quarantine-free travel. In December the mainland saw an abrupt change in its Covid Zero, thus sparking a record wave of infections in both the mainland and Macau. Disruptions are set to drag on casinos until the Lunar New Year holidays in late January, according to Bloomberg Intelligence analyst Angela Hanlee. However, the mainland’s reopening in January, and Macau’s own moves to scrap quarantine for overseas arrivals, pave the way for a major rebound for casinos in 2023. Investors are bullish on the sector, pushing casino stocks to their best annual performance since 2017 on optimism about China’s reopening. All six current operators – which include Sands China, Wynn Macau, Galaxy Entertainment, MGM China, Melco Resorts, and SJM Holdings – were recently granted new licenses for 10 years. The decision removed a major uncertainty that had hung over the sector for much of the past year. Source: yogonet.com About Post Author Szarlot I am a fan of casino games especially roulette and blackjack. After that I analyze current events in the gambling industry. See author's posts SzarlotI am a fan of casino games especially roulette and blackjack. After that I analyze current events in the gambling industry. Facebook Twitter LinkedIn Email Print Tags: Asia, Macau, revenue down Continue Reading Previous Dubai Authorities: The Emirate Won’t Legalize GamblingNext How Important Microgaming Is In Online Gambling Industry More Stories BETTING WORLD NEWS Bookmaker 1xBet denies problems with license and connection with Russia 2 days ago Samuel CASINO SOUTH AFRICA Wild Coast Sun recognised as best luxury beach resort in South Africa 3 days ago Samuel ONLINE WORLD NEWS TVBET enhances its iGaming footprint through St8 partnership 3 days ago Iwo Bulski CASINO WORLD NEWS Black Edition is back for Novomatic 4 days ago Iwo Bulski ONLINE WORLD NEWS Playtech to deliver €400m EBITDA for 2022 5 days ago Iwo Bulski ONLINE WORLD NEWS Technamin appoints Hmayak Manukyan 5 days ago Samuel EXPERTS WORLD NEWS What Will Be The Future of Sports Betting Around The World? 6 days ago Szarlot BETTING WORLD NEWS 1xBet Statement: Curaçao License is Valid and Fully Operational 1 week ago Iwo Bulski GAMES WORLD NEWS Wazdan combines classic and modern styles in Hot Slot™: 777 Stars 1 week ago Iwo Bulski ONLINE WORLD NEWS Pragmatic Play broadens Czech presence 2 weeks ago Iwo Bulski BETTING HOT NEWS WORLD NEWS 1XBet declares bankruptcy 2 weeks ago Iwo Bulski EXPERTS WORLD NEWS Restrictions on gambling 2 weeks ago Iwo Bulski Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Δ This site uses Akismet to reduce spam. Learn how your comment data is processed.