Macao Gambling Revenue Plunges a Worse-Than-Expected 80% in March
Although casino operators such as Las Vegas Sands, MGM Resorts (NYSE: MGM), and Wynn Resorts were allowed to reopen their Macao resorts in mid-February following a 15-day mandatory closure meant to help stem the spread of COVID-19, few visitors are returning to the only place in China where it's legal to gamble. Casino revenue in Macao plummeted 80% year over year in March.
Image source: Getty Images.
Macao's Gaming Inspection and Coordination Bureau said casinos took in just under 5.3 billion patacas ($664 million) in March, compared to the 25.8 billion patacas in revenue they generated a year prior. (The pataca is Macao's local currency.)
Source Fool.com
