{"id":26643,"date":"2020-04-03T10:13:56","date_gmt":"2020-04-03T18:13:56","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=26643"},"modified":"2020-10-16T07:09:50","modified_gmt":"2020-10-16T15:09:50","slug":"no-recovery-in-macao","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/no-recovery-in-macao\/","title":{"rendered":"No recovery in Macao"},"content":{"rendered":"

Despite the lifting of a government quarantine, casino revenues in Macao<\/strong> did not bounce back last month, down 80% to $664 million. That’s worse than forecast<\/a> (70%). Tourism restrictions prompted by a second boomlet of \"\"Covid-19<\/strong> in Macao didn’t help<\/a>. Only 230 tourists visited last Sunday. Macanese leadership is resisting pressure to close casinos again and is pressing Beijing<\/strong> for a lift on visa restrictions. Operators may have made a couple of critical mistakes: One was to shut hotel rooms to Coronavirus<\/strong> patients even though the Macanese government was willing to pay for their use, denying themselves room revenue. The other was to bank on Macao revenues to offset Coronavirus-driven effects on U.S. revenue: Macanese gambling revenue is down 60% in 1Q20, not the predicted 35%. With it costing anywhere between $1.5 million and $4 million per day<\/a> to operate a casino in Macao, gambling can’t recover soon enough.<\/p>\n

However …\u00a0\u201cForecasts for 2020 remain largely guesses at this time, with \"\"constantly changing conditions altering expectations on an almost daily basis,\u201d said Vitaly Umansky<\/strong>, an analyst at Sanford C. Bernstein<\/strong>. Adds Reuters<\/strong>, “Many expect revenues to keep falling at the same pace, with some even forecasting almost no revenue while the curbs stay.” When 80% of your economy is casino-propelled, that spells trouble. And with critical Guandong Province<\/strong> choked off, April could be even worse.<\/p>\n

* The Stars Group<\/strong> and Flutter Entertainment<\/strong> are moving ahead undeterred with their $12 billion merger. It’s less of a risk for Stars Group, which derives most of its revenue from online casino games and i-poker than for Flutter, powered [sic<\/em>] by sports betting, 78% of revenues.\u00a0\u201cThe Flutter board believes that the combined croup will have a robust financial profile, given its strong cash generation in conjunction with expected cost, revenue, and financing synergies,\u201d stated the company. The two firms still have to ameliorate British regulators’ concerns about a potential monopoly.<\/p>\n

* Elsewhere in England<\/strong>, politicians are slamming Apple<\/strong> for a software quirk which directs users seeking problem-gambling help to ads for ads for Ladbrokes Casino<\/strong>, Virgin Games<\/strong> casino and 888 Casino<\/strong>, among others. The magic phrases were ‘block gambling’ or ‘gambling stop.’ Ladbrokes<\/strong> \u201csuspended our Apple search advertising with immediate effect.\u201d Gamesys<\/strong> followed suit<\/a>. “The sponsored listings appeared ahead of apps that provided addiction counselling or allowed gamblers to block their ability to bet via their phones,” reports CalvinAyre.com<\/strong>. Regulatory action has not been swift enough for Labour MP Carolyn Harris<\/strong> who demanded that watchdogs “stop sitting on their thumbs.”<\/p>\n

*\u00a0Fearful that problem gamblers sheltering in place during Coronavirus will succumb to online temptation, Spain<\/strong>‘s government is crackdown on advertising for Internet casinos. It will be prohibited for the duration of the pandemic\u00a0\u201cto prevent bookmakers from doing business with people\u2019s concern and anxiety.\u201d The country is currently on lockdown through April 12. During this quarantine, calls to problem-gambling hotlines reportedly have been spiraling. Also, as expected, punters are transferring their action from sports betting and terrestrial casinos to their Internet equivalents. Advertising will be permitted during the 1 a.m.-5 a.m. graveyard shift\u2014provided it does not capitalize on player ennui. The industry has said it is supportive of the new rule.<\/p>\n","protected":false},"excerpt":{"rendered":"

Despite the lifting of a government quarantine, casino revenues in Macao did not bounce back last month, down 80% to $664 million. That’s worse than forecast (70%). Tourism restrictions prompted by a second boomlet of Covid-19 in Macao didn’t help. … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":23045,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[275,14,283,22,37,62,53,178,33,90,25,8,19],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/26643"}],"collection":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/comments?post=26643"}],"version-history":[{"count":3,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/26643\/revisions"}],"predecessor-version":[{"id":28357,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/26643\/revisions\/28357"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media\/23045"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=26643"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=26643"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=26643"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}