Macau Casinos See 70% Drop In November RevenueDespite Drop, November Was One Of The Most Profitable Months Since The Pandemic Began |
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The world’s largest casino market experienced a 70.5% drop in year-over-year gambling revenue in November, which was the best month it had since the COVID-19 pandemic began wreaking havoc in February.
Macau’s casinos won $845.34 million from gamblers in November, according to numbers released by the Gaming Inspection & Coordination Bureau. It’s actually down from the $910 million casinos won in October, but the percentage decline was slightly better in November.
Following six months with more than 90% drops in revenue year-over-year, the market is beginning to show signs of a rebound. However, analysts were expecting a slightly better month with a 60%-65% fall, according to a Reuters report. Those same analysts believe it will be well into 2021 before casinos return to pre-pandemic levels of revenue.
Through the first 11 months of 2020, Macau gambling revenue is down 80% compared to the same time frame last year. June was the worst month of the year for operators with $89.7 million in revenue.
Earlier this year, the Chinese government had very strict travel restrictions on anyone trying to travel to the former Portuguese colony. As they have relaxed those mandates, tourism saw an uptick. Now, travelers from China only require a negative test before arrival.
In November, hotel occupancy reached 45 percent and the daily average tourists were more than 20,600, according to numbers released by the Council for the Development of Tourism. Both of those figures were the highest since the pandemic began.
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