The world-famous gambling hub Macau’s Covid-19 pandemic-hit gaming market will rebound quicker than those of Singapore and Las Vegas, credit rating agency Fitch Ratings Inc. predicted in its latest report.
Macau has been the highest gaming revenue generating region in the world in the recent years and COVID-19 lockdowns have left casinos in Macau with massive revenue loss. When Macau casino operators will release their second quarter (Q2) results, the figures will most likely be in the red, and analysts with the multinational financial firm Morgan Stanley foresee an EBITDA (earnings before interest, taxes, depreciation & amortization) loss of more than $1 billion for the quarter.
Wynn Macau Limited, one of Macau’s leading operators of luxury integrated resort casinos, has proclaimed that it has no involvement in a new hotel project that is being developed by an auxiliary unit of Genting Hong Kong Limited.
The massive hotel project in question is being developed by China’s state-owned real estate contractor China Civil Engineering Construction Corp (CCECC) on a waterfront site at Macau peninsula's Nam Van area.
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.