Macau's Gambling Industry Losses Again
There are problems again in the gambling zone of China (Macau). The authorities of the Celestial Empire are refusing to issue visas to gamers living in mainland China who want to visit the gambling establishments of Macau. Initially, this seemed like a rumor, but the information was confirmed by a very reputable company Sanford C. Bernstein Ltd., which provides brokerage services.
The report, which was compiled by the BC employees, also contains other interesting information. In particular, it notes that the gross income of all Macau casinos has significantly decreased in the period from May 10 to 15. On average, it is just over 50 million patacas (6.2 million dollars) per day. It should be noted that this is the worst result since the fall of 2020. That is, since the moment when individual trips by residents of the mainland were resumed after a long lockdown due to the pandemic. The report also mentions that the figures for the last week compared to the beginning of May have decreased by 75%.
The analysis, which was presented by the employees of the Hong Kong institute, shows that for the first half of May (1-15), Macau's total GDP amounted to just over 2 billion patacas or 252 million dollars. At the same time, the average monthly daily income is about 17 million dollars. This is almost 85% less than in 2019, and 58% less than the same period in 2021.
Let us recall that such disappointing analytics came out against the backdrop of new restrictions imposed by the Chinese authorities on movement around the country. In addition, such data correlates with the fact that the gambling industry has recently been increasingly restricted in China. The authorities confirm that there may be more bans in the near future due to the rapidly spreading new round of the pandemic. Accordingly, casino revenues will decrease even more. It is enough to recall the unenviable situation of the residents of Shanghai. The city of millions is under strict lockdown, which has been going on for several months.
