Hong Kong Protests Hurt Macau Casino Gaming RevenueOperators Saw An 8.6 Percent Drop Year-Over-Year In August |
|
Macau casinos experienced their second straight month of revenue decline in August.
According to figures released by the Gaming Inspection and Coordination Bureau, Macau casinos won $3 billion from gamblers throughout the month. Those numbers represent an 8.6 percent drop year-over-year.
Many analysts were expecting a dip in gaming revenue, but not quite to that extent. Most were predicting between a two and six percent decrease. Last month, operators also took in $3 billion in revenue and saw a year-over-year fall of 3.5 percent.
Through the first eight months of 2019, casino operators have witnessed mixed results with four months of growth and four months of contraction in year-over-year revenue.
Of course, it’s not out of left field that analysts undershot the extent of the drop. With clashes between Hong Kong police and protesters becoming increasingly more violent, fewer gamblers are risking the trip. Visa applications for Chinese visitors has been disrupted, as has transportation to Macau from the special administrative region of China.
According to a recent Bloomberg report, the protests have caused stock prices of Macau casinos to fall as well. Sino Land Co. and Sun Hung Kai Properties both witnessed their stock dip 2.7 percent, while Wynn Macau Ltd., MGM China Holdings Ltd. and Wynn Macau Ltd. are down more than two percent.
Philip Tse, associate director at financial services company Bocom International, told Bloomberg that the unpredictability of how and when the protests will end only serves to further hurt the Macau economy.
“Protests have become more and more violent and tense, heightening uncertainty over how all this will end,” said Tse. “The impression among mainland Chinese that Hong Kong is not a pleasant place to travel, or even work or go to school, could be more lasting, and that will deal a substantial blow to the local economy.”
Copyright © 2001-2024
CardPlayer.com. All rights reserved.
