Feb 1 - Gambling revenue in Macau in January dropped 63.7% from a year earlier the world's biggest casino hub struggled to boost visitors from its key market of mainland China because of a rise in Macao casinos still aren't faring too well, as January gambling revenue fell 63.7% in January, the 16th consecutive month of declines and the 12th straight month the year-over-year drop was Casinos in Macau, the Chinese territory that’s the world’s biggest gambling hub, reported a record drop in gaming revenue, as they grappled with the cost of closing down their businesses for Macau and Vegas struggle as pandemic’s impact lingers. The coronavirus pandemic has decimated gambling revenue in Macau. Yahoo Finance reported that in November, Macau gaming revenue is down 80.5 per cent in 2020 to $6.58 billion, according to the latest figures from Macau’s gaming bureau. Gross gaming revenue in Macau fell 63.7% Y/Y in January to 8.02B patacas ($1.0B), but showed sequential improvement from the mark in December and topped the consensus expectation from analysts for Although gambling is illegal in mainland China, Macau is a gambling haven. 50% of Macau’s revenue is made up from gambling alone. In 2018 the city made almost $38 billion. 2. Macau gaming revenue plunged by more than 90% for a fourth straight month, as China’s ban on tourist visas continued to deprive the gambling hub of its biggest source of clients. The COVID-19 pandemic has hammered gambling revenue in Macau, the “Vegas of China.” Through November, Macau gaming revenue is down 80.5% in 2020 to $6.58 billion, according to the latest Gambling in Macau, which was legalized in the 1850s, makes up a large portion of the region’s economy. Revenue from gaming and gambling there exceeded 29 billion U.S. dollars in 2019. VIP gambling claims a record low share (34.5%) of Macau casino gaming revenue in Q4 2020 due to COVID-19 and China law changes.
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