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Macau Casinos Are Making a Comeback
According to some of the more prestigious Macau casinos, revenue has recovered to over half of what it was prior to the pandemic. Companies like Galaxy Entertainment have announced a successful return to form in the past couple of months.
Macau Suffered Under Covid-19
Many know Macau as the “Las Vegas of the East.” However, for a long time, Macau was the leading provider of gambling, with a casino industry that exceeded Las Vegas. Of course, all that changed in 2020, when the Covid-19 pandemic caused some serious restrictions to be put into place.
And while most major tourist destinations suffered some serious problems, Macau was seemingly hit the hardest. The region’s revenue dropped significantly due to the restrictions. While understandable, some of these restrictions were absurdly strict. For example, the city’s government banned all foreign hires, most of which were a part of the hospitality industry.
However, with the virus officially being declared “non-threatening,” it seems that the city is now finally recovering.
Macau is Recovering
According to Galaxy Entertainment, a Hong Kong-listed gambling company, the revenue has recovered to more than half of what it was before the pandemic. And Galaxy Entertainment aren’t the only ones who’ve seen a drastic increase in revenue. StarWorld and Wynn Resorts are both seeing a huge surge, and adapting more and more to the current environment.
In a recent statement, a representative of JPMorgans said the following: “Galaxy reported ebitda of HK$1.91 billion, implying a 47% recovery versus pre-Covid-19 levels.” According to Kim, the JPMorgans representative, this recovery is in line with Galaxy Entertainment’s competitors, who reported a recovery between 45% and 47%. Kim went on to state “The upside came from a solid performance.”
The city’s recovery is nothing new. Earlier this May, MGM China reported a net revenue of HK$4.8 billion in its first quarter alone. Not to mention, the Las Vegas Sands casino is still standing strong, relying entirely on its establishments in Macau and Singapore.
Casinos all over the city are now reporting a growth in revenue. SJM Holdings, Sands, MGM China, and Wynn Resorts have all had a successful first quarter in 2023. And it seems that the streak will continue into the second quarter, and revenue will continue to grow until the end of the year. If things keep going the way they are, we might see Macau reclaim its title as the most successful gambling city in the world.