CASINO WORLD NEWS Macau casinos’ profits could drop by 95% in Q1 2 years ago Iwo Bulski Post Views: 844 All six operators are seen posting year-on-year declines in quarterly EBITDA, according to a Bloomberg survey of analyst estimates. The plunge follows a 60% drop in gaming revenue in the first quarter after Macau casinos were shut for 15 days in February to curb the coronavirus spread. While 80% of the gaming tables reopened by mid-March, China continued its freeze on individual and group visas and tourist arrivals fell 71% from the year-ago quarter. Macau will urge the Chinese government to resume tourist visas and increase the number of Chinese cities covered by the individual visitor scheme “at an appropriate time,” said Ho Iat Seng, the enclave’s chief executive during his annual policy address on Monday. Furthermore, Macau’s economy is expected to contract by 24% in 2020 due to the Covid-19 pandemic, according to Fitch Ratings, which kept the territory’s risk rating unchanged at “AA” with a negative outlook, according to a statement issued on Tuesday in Hong Kong. The forecast of a second consecutive year of economic contraction, after a decline of 4.7% in 2019, is based on the fall of around 40% in revenue from gaming, due to the territory’s huge dependence on casino revenues. Fitch Ratings recalled the strict measures applied by the local government to contain the spread of the new coronavirus, including the 15-day suspension of casinos in February this year, more stringent controls on the entry of visitors from China and a temporary ban on the entry of non-residents. The Fitch Ratings forecasts are based on the idea that the pandemic will be contained in the second half of 2020, and Macau’s Gross Domestic Product will post growth of 12.6% in 2021. The International Monetary Fund (IMF) recently projected that Macau would record a contraction of 29.6% this year, in addition to the fall of 4.7% in 2019, according to the World Economic Outlook. The report added that in 2021 Macau’s economy will grow at a rate of 32.0%, almost cancelling out the fall seen in the previous two years. Based: yogonet.com About Post Author Iwo Bulski Issues related to the gambling business is engaged in more than 30 years. My empirical experience gives me the opportunity to present events and companies from this business with full knowledge and industry knowledge. See author's posts Iwo BulskiIssues related to the gambling business is engaged in more than 30 years. My empirical experience gives me the opportunity to present events and companies from this business with full knowledge and industry knowledge. Facebook Twitter LinkedIn Email Print Tags: Casinos, casinos profit, Macau Continue Reading Previous 5 most famous gambling events in historyNext Meyer Lansky – the brains of the American Mafia and Godfather of Las Vegas. More Stories ONLINE WORLD NEWS Slotegrator will take part in the Sigma Balkans & CIS Summit 1 day ago Iwo Bulski CASINO WORLD NEWS Top actors who play in online casino games 1 day ago Samuel EXPERTS WORLD NEWS WhatsApp allows people to sneak out of group chats 2 days ago Samuel ONLINE WORLD NEWS AstroPay Seeks to Bolster Growth with Affiliate Program 3 days ago Samuel EXPERTS WORLD NEWS Answers to the iGaming industry’s most pressing questions 4 days ago Samuel ONLINE WORLD NEWS 4 sales-boosting modules from Slotegrator’s new platform 2 weeks ago Iwo Bulski CASINO Why do people love slot machines? 2 weeks ago Samuel ONLINE WORLD NEWS Keep VIP programs compliant with the right bonus module 2 weeks ago Iwo Bulski EXPERTS WORLD NEWS Slotegrator reviews the worldwide trend of gambling legalization 3 weeks ago Iwo Bulski ONLINE WORLD NEWS TVBET unites forces with Technamin 3 weeks ago Iwo Bulski ONLINE WORLD NEWS How the iGaming industry is driving the global economy 3 weeks ago Iwo Bulski ONLINE WORLD NEWS Wazdan journeys to Asgard in the latest launch Power of Gods™: Valhalla 1 month 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.