Center Of Global Casinos, Online Gaming Industry Shifted To Macau
However, the report also claimed that the uncertainty hampered the industry’s growth in Asia in the region’s economy and politics. Growth was muted by the unstable Asian gaming market and the competition in more mature Western markets.
The report revealed that the gambling industry would continue its growth. It projected that the opening of new land-based and online gambling markets would contribute to growth, moving along with the growing global economy. The new markets are expected to boost gambling activities. Governments are also likely to regulate the industry as they seek alternative sources of funds.
Macau casinos shares rise after lifting travel restrictions
The move to ease Chinese travel restrictions to Macau sparked the rise of casino stocks. Stocks in the world’s gaming hub rallied on Tuesday after the Guangdong authorities announced that visitors from Macau no longer needed to undergo a 14-day quarantine. Travel restrictions decreased arrivals from 1.1 million monthly to 4,537 in May.
Shares of Galaxy Entertainment have increased by 10 percent while Sands rallied 8.9 percent to $4.33. Wynn Macau and MGM China stocks have increased by 7 percent and 5 percent, respectively. However, Wynn stocks declined 25 percent for the year to date, while MGM declined by 21 percent.
Experts believe that the demand in the Guangdong market will recover fast to near pre-coronavirus levels if restrictions are lifted. However, many might find it challenges to travel since visitors needed green health codes and proof that they are negative from the novel coronavirus seven days before entry to Macau.
Sales dropped in previous quarters
Andrew Lee, a gaming analyst at Jefferies Group, noted the challenges posed by travel restrictions such as the Individual Visit Scheme (IVS). The analyst emphasized the suspension of entry of visitors from Guangdong because of the IVS visa program. He said 73 percent of tourists to Macau came from Guangdong.
Bloomberg reported that Macau’s gross gaming revenue fell 96 percent in the second quarter, and it is projected to drop by 70 percent in the third quarter. The casino operators saw a $1.4 billion decline in adjusted property EBITDA because of the novel coronavirus.
Experts projected massive revenue from the casino gaming market in the future. HTF MI released a report focused on market size, projections, and competition, which provided insights into the Global Casino Gaming industry.
Casino sales in the previous months dropped this month because of the novel coronavirus. Leisure & Resorts World Corp. reported a decline in profit of 18.9 percent in the first quarter. Grand Korea Leisure saw a fall in revenue by 68 percent in June.
However, some casinos have high hopes in their revenue. Derek Stevens, a Las Vegas casino operator, said sales are higher than a year ago despite the implementation of social distancing protocols which limited guests in the casinos.
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