August 1, 2020 / 5:14 AM / 8 days ago

Macau's gaming revenues tumble 94.5% in July on coronavirus impact

FILE PHOTO: A man wears a mask as he walks in front of the closed Grand Lisboa casino, following the coronavirus disease (COVID-19) outbreak, in Macau, China February 5, 2020. REUTERS/Tyrone Siu/File Photo

HONG KONG (Reuters) - Gambling revenue in Macau plunged 94.5% in July year-on-year, with casinos reeling from a lack of visitors in the world’s biggest casino hub despite a loosening of quarantine restrictions which have seen only a modest rise in gamblers.

July’s figure of 1.3 billion patacas ($162.89 million) was in line with analysts’ expectations of a drop of around 95 percent.

Casinos 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.

Even after easing curbs for some travellers, Macau saw only around 2,000 visitors per day in July, a tiny fraction of the 108,000 daily average in 2019, as the individual travel scheme through which visitors from the mainland gain entry remains suspended.

($1 = 7.9810 patacas)

Reporting by Clare Jim; Writing by Farah Master; Editing by Kim Coghill

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