With protests in Hong Kong intensifying each passing week, it is dampening the revenue and visitor footfall in Chinese territory, Macau.
International visitors are postponing their plans due to the unrest and as they are worried about transport disruptions.
Hong Kong is witnessing consistent protests which started as an opposition to an extradition law has now turned into agitation against the current regime with a demand for complete democracy.
Responding to how the current protests in Hong Kong are affecting business in Macau, global gambling giant, Wynn Resorts’ CEO Matt Maddox said: “When you have hundreds of flights canceled out of Hong Kong and some reluctance to travel, I do think that’s impacting the premium end of the business.”
Earlier this week, analysts a Sanford C. Bernstein revised and lowered the revenue projections for Macau’s casino industry for August.
According to the figures posted by Macau’s gambling regulator, the July revenue fell by 3.5 percent year-on-year. The drop in revenue was significantly higher than predicted by analysts.
Earlier in June Macau Casinos posted a 5.9 percent year-on-year increase in revenue.
Macau casinos have been battling with slumping revenues for almost over a year now. The slowdown in the Chinese economy and the ongoing US-china trade war is to be blamed.