Macao Casinos Gambling Revenue Plunges a Worse-Than-Expected 70%

Rich Duprey, The Motley Fool
·2 min read
Macao Casinos Gambling Revenue Plunges a Worse-Than-Expected 70%

Macao's hoped-for lift in casino revenue didn't materialize in November, as monthly gross gaming revenue (GGR) came in at 6.75 billion patacas, or $845 million, a 70.5% decline from last year and a 7% sequential drop from October (patacas are Macao's local currency). Because China had loosened restrictions on travel into and out of Macao from the mainland, and the gambling district had seen some slight improvement into the region last month, analysts had expected revenue to continue to see gains, but that has not happened. During Wynn Resorts' (NASDAQ: WYNN) third-quarter earnings conference call last month, CEO Matt Maddox said the resort operator was starting to see trends improve in October that were separate from China's national Golden Week holiday, which was responsible for most of the gains.

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