{"id":106785,"date":"2021-01-01T07:33:22","date_gmt":"2021-01-01T07:33:22","guid":{"rendered":"https:\/\/precoinnews.com\/?p=106785"},"modified":"2021-01-01T07:33:22","modified_gmt":"2021-01-01T07:33:22","slug":"macau-casinos-end-their-worst-year-with-little-sign-of-recovery","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/macau-casinos-end-their-worst-year-with-little-sign-of-recovery\/","title":{"rendered":"Macau Casinos End Their Worst Year With Little Sign of Recovery"},"content":{"rendered":"<p>Macau casinos ended their worst year on record with little sign of progress in a recovery, though hopes remain for a rebound in the world\u2019s largest gambling hub later in 2021.<\/p>\n<ul>\n<li>Gross gaming revenue fell 66% to 7.82 billion patacas ($979 million) in December from a year earlier, according to <meta itemprop=\"type\" content=\"WebLink\">data from the Gaming Inspection &amp; Coordination Bureau. That was roughly in line with the median analyst estimate for a 68% decline, and follows a 71% <meta itemprop=\"suid\" content=\"QKE6Q5DWLU6A\"><meta itemprop=\"type\" content=\"StoryLink\">drop in November.<\/li>\n<li>Full-year revenue fell 79% to 60.4 billion patacas.<\/li>\n<\/ul>\n<h3>Key Insights<\/h3>\n<ul>\n<li>Macau is struggling to lure back players more than three months after China <meta itemprop=\"suid\" content=\"QEW3GGDWLU6E\"><meta itemprop=\"type\" content=\"StoryLink\">relaxed travel and visa curbs, as gamblers still find it tough to enter the city because of a difficult and time-consuming application process.<\/li>\n<li>Getting into Macau is actually getting more difficult, as the government tightened border restrictions because of a new strain of coronavirus that emerged in the U.K. Under the new <meta itemprop=\"type\" content=\"WebLink\">policy, residents from Greater China who have been to any country within the past three weeks will be prohibited from entering the city.<\/li>\n<li>Macau hasn\u2019t seen coronavirus cases in the past six months &#8212; one of the longest Covid-free streaks in the world &#8212; but it\u2019s still at risk as infections are reappearing in Hong Kong and parts of mainland China with the onset of colder weather.<\/li>\n<li>Analysts expect a rebound this year. Monthly gaming revenue should show solid gains due to easy comparisons with 2020 figures. Sanford C. Bernstein sees gaming revenue returning to about 80% of 2019 levels, though analyst Vitaly Umansky doesn\u2019t expect a significant easing of bottlenecks in the near term.<\/li>\n<\/ul>\n<h3>Market Performance<\/h3>\n<ul>\n<li>The Bloomberg Intelligence index of Macau casino operators rose 3.9% in December, paring its decline for the year to 11%. The benchmark Hang Seng Index added 3.4% for the month.<\/li>\n<\/ul>\n<h3>Get More<\/h3>\n<ul>\n<li>Dec 7, <meta itemprop=\"suid\" content=\"QKYRS3T0AFBM\"><meta itemprop=\"type\" content=\"StoryLink\">Macau\u2019s Tight Mainland Ties to Help Casinos, but at Slow Pace: BI<\/li>\n<li>Dec 2, <meta itemprop=\"suid\" content=\"QKPJ41DWX2PS\"><meta itemprop=\"type\" content=\"StoryLink\">Specter of Cashless Gambling Drives Junkets Away From Macau<\/li>\n<\/ul>\n<p>Source: <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-01-01\/macau-casinos-end-their-worst-year-with-little-sign-of-recovery?srnd=premium\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Macau casinos ended their worst year on<\/p>\n","protected":false},"author":3,"featured_media":106784,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23051],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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