Continuing to struggle in the wake of the COVID-19 shutdown, Wynn Resorts’ Macau hotel and casino business is suffering a loss of nearly $2 million per day with revenue down 97.6 per cent in the first two months of the second quarter of the current fiscal year.
Hong Kong and Macau authorities are working on a “travel bubble” that would allow residents of the Chinese Special Administrative Regions (SARs) to travel freely between the two territories without the need for a fourteen-day quarantine on both ends.
When Macau’s casinos will eventually get back to normal following COVID19-induced strict health protocols and travel bans, mass market gamers will probably not like the potential changes, Morgan Stanley market analysts underlined in their latest report.
Global financial services provider and credit ratings agency UBS has revised its estimate for Macau’s gross gaming revenue (GGR), projecting a bigger decline in revenue for the world’s biggest gaming destination this year due to COVID-19 lockdowns.
Macau, the Las Vegas of Asia, continued to experience the brunt of COVID-19-induced prolonged lockdown as its gross gaming revenue (GGR) slipped 93.2 per cent in May. Strict travel controls continued to impede the Special Administrative Region’s recovery efforts and even with relaxation for specific regions, Macau casinos are waiting to welcome crowds at pre COVID-19 levels.