Having invested billions in Macau over the last two decades, casinos are soaking up losses as they prepare to bid for new licenses.
HONG KONG – In the glitzy dealing rooms of Macau’s silenced casinos, the house is down billions of dollars, but can’t afford to fold its hand in the world’s biggest gambling game.for the former Portuguese colony’s six casinos – the only places in China where gambling is legal. Even prior to their closure on Monday, July 11, analysts estimated the casinos were burning through some $600 million each month because of COVID-19 restrictions.
, MGM China, Galaxy Entertainment, SJM Holdings, and Melco Resorts face zero revenue for the near future in locked-down, Chinese-ruled Macau – and their operators’ contracts expire at the end of this year.as they prepare to bid for new licenses by next month in a business that generated $36 billion in revenue in 2019, the last year before COVID-19 curbs slammed the sector.
Not legally required to pay staff during a mandated closure, casinos have nevertheless continued to do so. Operators have also tried to burnish their social responsibility credentials by supporting local businesses and offering use of their hotel rooms for quarantine.The closely watched casino license rebidding process comes amid Macau’s worst coronavirus outbreak, with the government shutting down casinos for the first time on Monday in more than two years and locking down the city.
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