HONG KONG, July 24 — Casinos in the world’s biggest gambling hub Macau are staring at heavy losses for the second quarter, with “not much hope” for a near-term recovery as a resurgence in coronavirus cases muddies the outlook for when China will reinstate travel visas. Visitors from greater...
Friday, 24 Jul 2020 01:49 PM MYT
Visitors from greater China make up for over 90 per cent of Macau’s tourists, but given travel has dried up amid the health crisis, Morgan Stanley warns casinos in the special administrative region could rack up losses of US$1 billion over April to June. “Without the individual visitation scheme being resurrected, there’s not much hope for the casinos to come back,” said Rob Goldstein, president of Las Vegas Sands, which operates properties including the Venetian and Parisian in Macau.
But anything longer could spell trouble as they continue to bleed millions of dollars in daily operating costs.
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