Macau’s casinos posted their worst year since 2004 as China’s strict Covid Zero policies wrought havoc on the gambling hub, though a recent loosening of pandemic curbs is fueling optimism about a long-awaited revival in the year ahead. Know more:
Macau’s casinos posted their worst year since 2004 as China’s strict Covid Zero policies wrought havoc on the gambling hub, though a recent loosening of pandemic curbs is fueling optimism about a long-awaited revival in the year ahead.
That took revenue for the full year to 42.2 billion patacas, down 51 percent from 2021 and far short of the pre-pandemic level of 292 billion patacas in 2019. Still, analysts predict a rebound in 2023, with a median estimate of 195 percent growth.Gaming revenue has been declining since March as virus outbreaks and lockdowns in China—Macau’s biggest source of visitors—led to a tightening of outbound travel, and a crackdown on cross-border gambling saw tougher rules around issuing visas.
n But the mainland’s reopening in January, and Macau’s own moves to scrap quarantine for overseas arrivals, paves the way for a major rebound for casinos in 2023. Investors are bullish on the sector, pushing casino stocks to their best annual performance since 2017 on optimism about China’s reopening.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
SC junks ex-Pagcor chief’s plea for dismissalof graft raps pending before Sandiganbayan - BusinessMirrorTHE Supreme Court (SC) has denied the plea of former Philippine Amusement and Gaming Corporation (Pagcor) chairman Efraim Genuino seeking the immediate dismissal of the 18 counts of graft and malversation charges filed against him involving the agency’s grant of financial assistances to different entities from 2004 to 2009 amounting to almost P160 million. In
Read more »
Taiwan president offers China help to deal with COVID-19 surgeTaiwan President Tsai Ing-wen on Sunday offered to provide China with "necessary assistance" to help it deal with a surge in COVID-19 cases, but said Chinese military activities near the island were not beneficial to peace and stability.
Read more »
Covid-19 cases ‘expected’ to increase after holidays but PH healthcare system is ‘ready’: DOHThe Department of Health (DOH) on Sunday, Jan. 1, assured that the country’s healthcare system is “ready” should there be an increase in Covid-19 cases after the holiday season.
Read more »
Chinese state media seek to reassure public over COVID-19Chinese state news agency Xinhua publishes an editorial saying that the current pandemic strategy was 'a planned, science-based approach' reflecting the changing nature of the virus.
Read more »
More countries roll out China traveler checks amid Covid surgeBEIJING: Travelers from China now face restrictions when entering more than a dozen countries as concern grows over its surge in Covid-19 cases, with Australia the latest to demand...
Read more »
Chinese state media seek to reassure public over COVID-19Thousands of Chinese took to the streets to mark the New Year as authorities and state media sought to reassure the public that the COVID-19 outbreak sweeping across the country was under control and nearing its peak. | Reuters
Read more »