September Storm Rattles Macau, Gaming Revenue Drops 13 Percent
Macau readied for a significant storm inward betimes Sept that resulted inward the local government activity order its vi gambling casino operators to temporarily shutter their resorts.
Typhoon Saola inward belatedly Aug reported sustained winds of more than 120 mph as the powerful and wandering tropical cyclone approached the Chinese mainland from the Philippine Sea. Macau’s local governing ordered most nonessential businesses, including its many casino resorts, to close before the storm’s landfall on Friday, Sept. 1.
Though the hurricane beaten-up Guangdong province and Macau, the latter being unity of ii Special Administrative Regions (SAR) in China, with Hong Kong the other, the cassino enclave was spared of any substantial damage. One demise was reported inward Shenzhen due to the cyclone, but Macau reported only when minimal structural hurt and zero deaths.
The Macau government allowed its casinos to reopen on Sept. 2 after the eye of the force passed and the typhoon weakened and card-playing by Sunday. But the temporary closures, paired with the many changes to travelling plans that the typhoon caused, resulted inwards financial hurt to the casinos past path of lost revenue.
September Slide
Macau’s Gaming Inspection and Coordination Bureau today released Sep gaming revenue numbers for the VI operators inward town. Sept porcine gaming revenue (GGR) totaled MOP14.93 one thousand million (US$1.85 billion), a more than 13% go down from Aug when the casinos won $2.13 billion.
Along with amended journey plans for some would-be visitors, Typhoon Saola disrupted transferral and temporarily closed abut ledger entry points. Heavy rainfall inwards the hebdomad followers the tempest also kept bookings light.
Before the Sept numbers were released, gaming analysts at JPMorgan predicted that Sep would follow a “month to forget” for the casinos because of the typhoon.
Though Sep allay represented a 404% year-over-year improvement, as China was allay inward President Xi Jinping’s “zero COVID” programme with many pandemic-related travel restrictions still in position during Sep 2022, endure month ended a three-month GGR rally. Sep was also the for the first time month since Apr when GGR was at a lower place MOP15 billion (US$1.86 billion).
Through nine months, Macau casinos have won almost $16 1000000000 from players. That’s up 305% from 2022 but remains knock down 41% from 2019 when the sise gambling casino operators won $27.2 one thousand million from January through September.
Golden Week Underway
Because of the weather’s wallop on September’s numbers, gaming analysts say Oct testament provide a to a greater extent apprisal pictorial matter of the overall health of Macau’s gaming industry. Prior to COVID-19, Macau was the richest gaming securities industry inward the world, but Las Vegas and Nevada retook that arrogate lastly year.
China has designated Sept. 29 through and through Oct. 6 as the 2023 Golden Week. The week gives most workers a hebdomad of paid time away inwards reward of Oct. 1 existence National Clarence Shepard Day Jr. that commemorates the ecesis of the People’s Republic on Oct. 1, 1949.
Golden Week is typically ane of the busiest times of the yr for Macau, which before COVID-19 welcomed nearly a half-million people during the holiday period. Gaming analysts at Citigroup wait October to live Macau’s best gaming month since the coronavirus emerged inwards Red China inward late 2019.
The Citigroup musical note projects October GGR to come in in around MOP19 one thousand million (US$2.35 billion).
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