China Underground > Entertainment > Macau Casino Revenue Down 95% in May, Macau’s chief gaming regulator is stepping down

Macau Casino Revenue Down 95% in May, Macau’s chief gaming regulator is stepping down

According to brokerage Sanford C. Bernstein, casino revenue in Macau is down 95% in the first ten days of May.

Since the beginning of the year 2020, the sector in the former Portuguese colony has lost about 68.7% of gross gaming revenue (GGR) of the six licensed casino operators. Casino win totals amounted to $ 3.91 billion in April, a decline of 97 percent in year-on-year terms, according to some sources.

In May 2019, licensed casinos had reported $ 3.25 billion in gross gaming revenue. Compared to last year, the loss is catastrophic due to the pandemic of COVID-19. From April 11 the Chinese Special Administrative Region hasn’t reported a new coronavirus case with the Chief Executive of Macau Ho Iat-seng arguing that the pandemic in the SAR is contained. Local authorities are keeping Macau on a lockdown. Due to the outbreak of the COVID-19 pandemic, Macau hosted just around 3 million visitors in the first two months of the year, down 56.9 percent year on year. Entry into Macau remains limited to people arriving from mainland China, Hong Kong, and Taiwan. Chinese gaming players are probably unwilling to travel at this point. Macau’s government has cut the gross gaming forecast for 2020 by half, to US$16 billion, citing the uncertainty of the public health crisis. For this reason, more and more people play online slots.

Therefore, due to the COVID-19 pandemic, casinos remained poorly occupied. The casinos are collectively winning some $5 million per day.

If these projections are confirmed on June 1, it would represent a 95% year-over-year decline. Casino online like casinous therefore represents a valid alternative.

A number of industry analysts said most of the winnings were played by a small number of VIP players. The volume of their bets was, on the whole, greater than that of the mass, characterized however by the high volatility of the VIP segment.

Macau’s chief gaming regulator leaving

Paulo Martins Chan, after more than four years in the role of Macau’s chief gaming regulator, is stepping down. 

The director of the Macau Gaming Inspection and Coordination Bureau (DICJ) serves one-year terms but can be reappointed without limitation. Chan requested to return to the Public Prosecutions Office. The DIJI said his replacement would be confirmed soon.

The responsibilities of the DICJ include monitoring the activities of the concessionaires, co-ordinate the economic policies for the operations of the casino games, collaborate with the government in the process of places authorization for the operations of casino games, certify all the equipment used by the concessionaires, etc.

The Macau Gaming Inspection and Coordination Bureau is responsible also to find preventive measures against crimes of money laundering and terrorist financing.

Image source: pixabay

Last Updated on 2020/05/14

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