Macau’s string of low revenue figures is beginning to turn around. This week, reports on gaming revenue in Macau for March finally came out. Finally, the city has seen a major increase!
Today, we’ll take a close look at the numbers here. We’ll also discuss how things may begin to improve in Macau over the next few months. There is certainly reason to be optimistic for this city.
Here’s what you need to know!
The World’s Casino Industry is Beginning to Recover
A little over a year ago, the entire land-based casino industry was changed forever. As the global health crisis intensified, casinos around the world were ordered to shut their doors. Gambling properties were hugely unprepared for a situation like this one.
Most never anticipated a situation like this one unfolding. Major gambling hubs immediately saw their tourism industries come to a screeching halt. That led to a staggering number of job losses and business shutdowns.
To make things worse, no one seemed to know how long these regulations would remain in place. The situation was evolving at a rapid pace and misinformation was common. Places like Macau saw huge year-on-year revenue declines.
Fortunately, there are clear signs that things are starting to recover.
Vaccine distribution is beginning to ramp up around the world. As a result, travel is becoming more common. Some of the biggest gambling destinations in the US are beginning to see a significant increase in tourism and gaming revenue.
Macau has been working hard to increase tourism for months. It hasn’t been easy, particularly with the intense health regulations set in place. This has led to consistent revenue declines for more than a year.
We’re now hearing about how much money the casinos in this city managed to bring in last month. Now is the perfect time to break down those figures.
Breaking Down the Gaming Revenue in Macau for March
Macau has been one of the biggest, most successful gambling hubs for decades. Many of the top gaming companies own and operate major casino-resorts here. In 2020, things took a massive turn, and gaming revenue here dropped significantly.
This hasn’t exactly slowed down, either. Travel to and from Mainland China has remained fairly low and casinos continue to see big dips in their monthly earnings. This week, we learned more about the gaming revenue in Macau for March.
To the delight of casino companies here, Macau’s gambling revenue for the month of March actually increased by 58% last month when compared to March of 2020. It’s the first major increase since the shutdowns last year. Casinos in the city brought in nearly $1 billion in revenue.
These reports are a clear sign that the casino industry is beginning to recover. It’s fantastic news for companies such as Las Vegas Sands, which recently sold many of its biggest properties in Las Vegas to focus more on Macau’s market. These new revenue figures may help to boost LVS’ stock price.
Travel from Mainland China is increasing. Vaccine distribution is up and a slight sense of normalcy is beginning to be felt around the world. Now, many will begin to focus their attention on the still-struggling casino industry in the US.
Macau seems to be in great shape for a major comeback. It won’t be a shock to see more major US casino companies focusing their attention here soon. Stay tuned for updates!
When Will the Casino Industry in Las Vegas Recover?
From an economic standpoint, Las Vegas has been the hardest-hit city in America due to the events that unfolded last year. A staggering number of jobs were lost here. Even today, many of the businesses here that rely on tourism are struggling to stay afloat.
Fortunately, there are signs of recovery taking place in the city. Travel rates are up and casinos are reporting increases in revenue. Many analysts now believe that this summer will help to bring a major surge of both tourism and revenue to the city.
Summer has historically been the most successful time for the city. With so many individuals stuck at home for extended periods of time, some believe there will be a massive influx of visitors here over June, July, and August. That is great news for the casinos here.
Several exciting new properties will also be up and running here by the time summer rolls around. None are as big as Resorts World Las Vegas. At $4.2 billion, it’s the most expensive casino-resort ever opened in the city. This venue is expected to be truly one-of-a-kind.
It may take a few years before the casino industry in this city reaches pre-pandemic levels. Many questions still linger over the health crisis and its impact on the world. We’ll be sure to continue reporting on the situation here as the year goes on.
Are you surprised to see where gaming revenue in Macau stands? Do you think this summer will be successful for Las Vegas? Let us know in the comments section below!
Kevin Oldroyd
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. …
