MACAU BUSINESS
By José Carlos Matias
jcmatias@macaubusiness.com
Clawing back
The COVID-19 crisis sent the gaming industry in 2020 to the lowest level since 2004 in terms of gross revenue. December’s MOP 7.8 billion performance was the best since the beginning of the pandemic, signaling a 16 per cent month- to-month increase. However it still only accounts for one third of what was recorded a year ago.
lawing back
mainland Individual Visit Scheme (IVS) visas. Following the MOP 7.2 billion patacas raked in in October, “many expected December to be perhaps 50 to 55% lower than last year. In light of that recent projection, December’s 65% decline is a disappointment”, notes gaming strategist Alidad Tash, managing director at casino consultancy firm 2NT8 Limited. This happens “as a result of the recent further
crackdown on VIP gaming by the Chinese government”, Mr Tash adds.
On the other hand, considering that November failed
to sustain the MOP 7 billion base, seeing revenue reaching 7.8 billion in December can be regarded as something encouraging. “The final result of MOP7.8 b is obviously slightly better than our expectations and is a great way to finish off what is otherwise a pretty discouraging year,” underlines another experienced casino expert, Ben Lee, managing partner at iGamix.
W 16 FEBRUARY 2021
hen January 2020 ended, few could have anticipated that the MOP 22 billion mark – accounting at the time for an 11 per cent a year-on-year drop – would be the highest gross revenue
level for the whole year and perhaps for many more months to come. On January 22, the first two cases of the novel coronavirus were reported in Macau and soon after the city would be in virtual lockdown leading to the unprecedented two-week shutdown of casinos in February. Macau became the first casino jurisdiction to close its casinos, and gaming destinations worldwide followed in the SAR’s footsteps and eventually suspended their gaming operations amid the pandemic. It was no surprise that with tourist arrivals basically decimated, revenue took a dip to MOP 3 billion in February before further plunging into as low as 716 million patacas, a monthly figure only comparable with the pre-liberalization era. The over 90 per cent year-on- year continued on July and August and only reversed in October on the heels of the gradual re-issuance of the
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