The numbers reflect the continued pressure that uncertain regulation and reemerging COVID-19 outbreaks applied on the industry, nobbling concessionaires’ ability to run their business as usual and drive meaningful results from gaming operations.
Macau Clocks Its Worst Year Since 2004
Gross gaming revenue was posted at MOP$42.2 billion for the full year, or roughly around $5.3 billion, down 51.4% on the 2021 numbers, and the lowest performance that the Special Administrative Region posted since 2004.
The December 2022 results were also suppressed but still better when compared to December 2021 by 56.3%. Last month, the Gaming Inspection and Coordination Bureau reported a GGR of MOP3.48 billion ($435 million) compared to the $373 million (around MOP3 billion) posted in December 2021.
The SAR has had a difficult year with many pinning hopes that the new year can be much better and offer a complete reversal in Macau’s fortunes. Among the optimistic prognosis is a recoup of the rate of visitors to the city, with Maria Helene de Senna Fernandes, the head of Macau’s Government Tourism Office, hoping for up to 40,000 daily visitors.
Macau though needs to acknowledge the realities. A sudden reversal from China’s zero-COVID-19 policy could mean that more people fall sick to the new Omicron sub-variant which is rampaging the mainland before recovery is registered. According to various sources, as much as 50% of Macau’s workforce may have been affected already, particularly in the casino sector.
This means that properties such as integrated resorts cannot carry business as usual, with many of the services limited due to missing or infected staff members. Even those who are healthy now fear being infected with the disease and may avoid working in the current conditions that expect no