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Macau: Covid-19 costs gaming operators USD 1.5 B in Q3 – Morgan Stanley

Friday 14 de October 2022 / 07:45

⏱ 1 min read

(Macau).- Local gaming companies lost nearly MOP12.14 billion (US$1.5 billion) to the Covid-19 pandemic in the last quarter, resulting in negative corporate EBITA of about MOP4,854 million, Morgan Stanley has said.

Macau: Covid-19 costs gaming operators USD 1.5 B in Q3 – Morgan Stanley

According to the leading brokerage, the haemorrhage could push the industry’s net debt to about MOP194.16 billion. However, it expects an uptick in the last quarter of the year when package tours and e-visa applications resume alongside a widely-anticipated extension of gaming licences.

The third-quarter gross gaming revenue reported by gaming operators stood at MOP5.5 billion – down 35 per cent quarter on quarter and 8 per cent of the level logged in the same period in 2019 – of which MOP4.5 billion came from the mass market – down 39 per cent quarter on quarter and 9 per cent of the level recorded in the same period in 2019.

Morgan Stanley attributed the falls to the closure of casinos that lasted two weeks as the city went into lockdown at the behest of the SAR Government. However, the brokerage stressed that mass-market revenue had recovered to 17 per cent of 2019’s level.

As for the negative EBITA figure, the brokerage said that it was the lowest recorded since the resumption of the Individual Visa Scheme in September 2020.

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País: Macao