Macau’s economy has been devastated over the past year due to the casino shutdowns and travel restrictions ordered by government officials. Fortunately, things seem to be improving. New reports show that casino revenue in Macau increased massively in February.
This is fantastic news for the casino companies operating here. Macau remains one of the world’s biggest gambling hubs and could be an extremely valuable source of revenue for US casino operators. Today, we’ll talk about what led to this revenue increase.
Let’s get into it!
Some of Macau’s Travel Restrictions Have Been Lifted
Macau was one of the first major gambling hubs to be affected by the global health crisis. Back in February, all of the casinos in this city were forced to close down. It took some time, yet the casino-resorts in the city eventually were given permission to open their doors again.
Since that time, this city has been in recovery mode. The casino companies here continued to see major revenue declines throughout 2020. There is reason to be optimistic about the city’s gambling industry this year, though.
Not long ago, officials in Macau announced they were removing travel restrictions to mainland China. Previously, those making the journey from the mainland to Macau were forced to enter quarantine for days. That is no longer the case.
Removing these travel restrictions is expected to be a huge move for the city moving forward. The vast majority of tourists and gamblers making the trip to Macau come from China. Many were unwilling to make this trip due to the quarantine rules set in place.
As a result of this rule change, many of the casino companies here saw a massive boost in their stock prices. Analysts believe investors are becoming more confident in Macau’s prospects for the future. Hopefully, revenue continues to increase here throughout the year.
Macau is already beginning to see jumps in revenue figures. February proved to be a very successful month for the gaming industry.
Here’s a Look at the Casino Revenue in Macau for February
Macau needs tourists in order for its economy to function normally. Throughout 2020, the city experienced very low tourism figures. With restrictions being lifted, however, things are beginning to change and Macau is seeing an increase in visitors.
February proved to be a very successful month for Macau. New reports show that casino revenue in Macau finally increased for the first time in 17 months. Overall, the casinos in this city generated approximately $915 million last month.
Things aren’t recovering quite as quickly as some predicted. Analysts actually expected to see a 145% jump in revenue during February. Unfortunately, the casinos in this city saw a 136% overall jump in revenue.
When compared to 2019, Macau’s casino revenue is still lagging considerably. February of 2021 brought an incredible 71% drop in casino earnings when compared to February of 2020. That’s no surprise when considering the differences in world events between these two months.
It’s clear that things are beginning to improve in the city of Macau. US casino companies may begin looking at this city as a very important source of revenue. As more restrictions are lifted, tourism numbers are likely to increase in this city.
It’s an interesting time for Macau and the companies that own gambling venues here. Over in Nevada, the casinos aren’t seeing quite the same level of recovery that Macau casinos are.
Nevada’s Gaming Win Drops Again in January
Over in the United States, Nevada remains the biggest gambling hub. This state is home to a huge number of casinos. The biggest and best can be found in Las Vegas, a city that has also been struggling since March of 2020.
Las Vegas has seen some increases in gambling revenue and tourism lately. Things are still very far behind what was seen in 2020, though. We’re now beginning to hear how much revenue the state’s casinos earned last January.
New reports from the state’s Gaming Control Board show that Nevada experienced a 26.5% drop in year-on-year revenue. The casinos in Nevada earned just $761 million over the course of the entire month.
The casinos on the Las Vegas Strip saw the largest drop in revenue. These gambling properties experienced a 43.8% drop in revenue when compared to January of 2020. There are many that feel revenue figures will increase in February.
Governor Sisolak has been slowly easing restrictions in the city lately. This seems to be contributing to an increase in tourism. The Super Bowl also likely brought an increase in gaming revenue last month. We’ll be sure to offer more updates on these figures as soon as they are released.
Are you surprised to see where casino revenue in Macau stands for February? Let us know in the comments section below!
A longtime sports and gambling enthusiast, Kevin looks to present up-to-date and reliable information for readers. If he’s not writing, he’s probably watching MMA or playing blackjack. …