Gambling revenue in Macau plunged 87.8% in February year-on-year, with casinos shuttered for two weeks in the world’s biggest casino hub as authorities imposed a raft of measures to keep visitors away to contain the coronavirus outbreak.
February’s figure of 3.104 billion patacas ($386.74 million) was worse than analyst expectations of a drop of around 80%.
While Macau authorities gave the greenlight for casinos to reopen from Feb. 20, casino executives and residents say revenue will remain badly crimped in the Chinese territory’s 41 casinos and for the businesses dependent on them because of the health restrictions and strict entry regulations on tourists.
Macau makes over 80% of its revenues from casinos but tourist visits have all but dried up.