Macau Casinos Win Just $400M In MayLas Vegas Strip Far Outpacing Macau These Days |
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Macau casinos turned in a horrible month of May, winning just over $400 million from gamblers playing slots and table games.
According to figures from the local government cited by Reuters, May gambling win dropped 68% year-over-year to 3.3 billion patacas ($400 million). The casinos won 26 billion patacas in May 2019, prior to the start of the COVID-19 pandemic.
Reuters reported that “hundreds of businesses” have closed in the special administrative territory of China, the only place in the country where casino gambling is legal.
Macau government coffers rely on gambling for 80% of their revenue.
“More than 90% of visitors to Macau typically come from mainland China, which continues to pursue a ‘zero-COVID’ policy,” said Reuters.
The former Portuguese colony is home to six casino companies.
At least 8 casinos are expected to close this year due to the downturn.
In years past, Macau was the world’s top gambling hub. Due to Chinese COVID-19 restrictions, Las Vegas has once again overtaken Macau. In April, the most recent month of gaming revenue data from Nevada, Las Vegas Strip casinos won nearly $600 million from players.
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