Macau’s gambling industry continues to suffer from the severe impact of the ongoing Covid-19 pandemic as the number of visitors to gambling establishments declined by more than ninety percent. Such data are given in the report of MGM China for the third quarter of this year.
The corporation has announced unaudited financial data for the period from July to September 2020, and these numbers reflect the difficult and unprecedented times the gaming market is facing.
There were very few visits to gambling establishments owned by the company during the reporting period due to quarantine measures and restrictions imposed by the authorities in the region. As a result, gross gaming revenue is down nearly 95% year-on-year and, despite Q2 revenue growth, is still well below Q3 2019.
On the other hand, the situation in Macau is starting to improve and officials in the region have lifted existing quarantine protocols and measures that meant visitors from mainland China had to be isolated for fourteen days. This has led to an increase in the number of visits to the gambling capital of Asia.
Income from property owned and operated by the group is:
- MGM China reported total revenues of approximately HK $ 363 million, up 41% from Q2.
- MGM MACAU reported revenues of approximately HK $ 264 million, up 89%.
- MGM COTAI Revenues Approximately HK $ 99 Million.
As daily life and entertainment begin to normalize, weekly visitor numbers are growing in Macau and there has been a steady increase in visitor numbers until Golden Week of October, which has given some confidence to casino bosses and executives that the gaming market will take place in the fourth quarter. improvement.