It has been reported that the Macau gambling industry is still suffering the severe impact of the recent and ongoing Covid-19 pandemic as visitation to the SAR is down more than ninety percent as MGM China releases its third quarter figures and report.
The corporation has announced unaudited financial data for the months of July through September 2020 and the figures are reflective of the challenging and unprecedented times the gaming market is facing.
Properties owned by the firm experienced very low levels of visitation due to quarantine measures and restrictions imposed on the region by authorities.
As a result, gross gaming revenue is down almost 95% compared with the same period last year and despite revenue increases compared with the second quarter, are still well below comparisons of Q3 in 2019.
On the upside, things are starting to improve in Macau and the region’s officials have lifted the existing quarantine protocols and measures that meant visitors from Mainland China had to isolate for fourteen days. This has resulted in an increase in visitation levels to the gambling capital of Asia.
Properties owned and operated by the group record revenues as follows:
- MGM China recorded total revenue of approximately HK$363 million, up 41% from the second quarter.
- MGM MACAU recorded revenue of approximately HK$264 million, up by 89%.
- MGM COTAI recorded revenue of approximately HK$99 million.
As daily life and recreational activities begin to normalise, Macau is experiencing week on week increases in the number of visitors and there has been a steady increase in the run up to ‘October Golden Week’, which has given some assurance to casino bosses and executives that there will be huge improvements in the gaming market for the fourth quarter.
President & Chief Operating Officer of MGM China Hubert Wang commented on the data:
“We are encouraged to see the reopening of Macau and a recovery in the market.
We expect the rate of recovery will continue to be gradual, driven by the premium mass market – which both MGM MACAU and MGM COTAI are ideally positioned to capture.
We will continue to invest in strengthening our market position, and continue to believe in the long-term success of Macau”