The Macua gaming market was in doldrums right from the start of the 2020. However, the situation worsened after the COVID-19 outbreak. May was the eight straight month of declining revenues for the gaming capital as revenue witnessed a drop of 93 percent year-over-year for the month.
Gross gaming revenue was $221 million in May, according to the Gaming Inspection & Coordination Bureau. However, the decline was slightly lower than the one predicted by analysts as the market was expected to register a 95 percent decline just a month after a record 97 percent drop.
May marked the eighth straight month for the world’s largest gaming hub witnessing year-over-year declines in gaming revenue. The first half of this slump emerged from the escalating Hong Kong protests, a slowdown in the Chinese economy and the emerging fears of a trade war with the U.S.
The second half of this fall was the result of the COVID-19 that hugely impacted casino business in the region. With heavy border and visa restrictions imposed for travel in and out of Macau after the COVID-19 outbreak, the casino business got hampered and witnessed steeper decline in revenues. However, things are likely to improve as the restrictions are expected to ease in next few days.
Las Vegas casinos are set to begin its reopening process in a day or two after around three-month shutdown. Unlike Macau, Las Vegas doesn’t have border restrictions, but escalating protests in the region surrounding the death of George Floyd at the hands of police officers may impact business.