Macau Casinos Win $960 Million In FebruaryIndustry Still Hampered By Covid Restrictions |
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Macau gross gaming revenue was up 6.1% in February to 7.76 billion patacas ($960 million), according to figures released Tuesday from the local government.
Macau gaming win through the first two months of 2022 was down 8% on year-over-year, amidst lingering virus concerns.
“February will be the near-term peak in Macau’s gaming revenue as Macau is unlikely to relax COVID policies due to HK daily cases having yet to peak (likely to worsen) and reports of new local outbreaks in Guangdong in the past few days. Further, the next China national holiday is May’s Labour Day holiday,” wrote Jefferies analyst David Katz. “We maintain our expectations of a slow and gradual recovery that will be driven by government policies, thus we prefer US-names that have clearer visibility.”
There has been some good news lately for casinos in the former Portuguese colony. In January, the government of the special administrative region of China announced that it will keep a cap on six casinos. Shares of gaming firms rose on the news.
Macau’s casino gross gaming revenue was up more than 40% in 2021, reaching $10.8 billion after the pandemic-impacted 2020 saw revenues plunge. Gaming win fell 80% in 2020 compared to 2019. The casinos won a whopping $36.5 billion in 2019.
Gambling is regulated by the Gaming Inspection and Coordination Bureau.
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