Covid-19 effects on Macau gaming
From 2017 to 2019, Macau outperformed the famed Last Vegas Strip by earning about $3 billion per month. The sum is about five times higher than earnings in the US market. However, according to data gathered by Inside Asian Gaming and 2NT8 Limited, Macau’s casinos initially suffered an 11% drop when the COVID-19 outbreak began. When the city’s casinos were closed for the initial 15-day lockdown, revenue fell by 88% in February, earning $390 million. March brought the revenue of $650 million, 80% less than the previous year.
Galaxy Entertainment Group is also facing troubles in the city. Construction of their newest venue in Macau has been halted since three workers were killed and four more injured after scaffolding collapsed in late March; the building site is still being fully investigated by the Labour Affairs Bureau. Galaxy group said it will fully cooperate with the Bureau, stating it has “tasked the contractor to conduct a thorough review of all safety measures on the construction site and ensure all related rules and regulations are strictly abided by all relevant parties.”
Measures to contain COVID-19 led to the increased unemployment in Macau. Since the start of 2020, unemployment has grown to 2.1%. Macau’s unemployment hasn’t climbed over 2% in the last 8 years, and average quarter earnings fell by MOP$1,000 to MOP$ 16,000.
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