The government of Macau has reportedly halved the city’s coming full-year aggregated gross gaming revenues forecast in light of the negative impacts of the ongoing global coronavirus pandemic.
According to a report from GGRAsia, the former Portuguese enclave now expects its 39 active casinos to record aggregated gross gaming revenues for 2020 of approximately $16.25 billion, which is down from a pre-coronavirus estimate of about $32.51 billion and would represent a 55.5% decline on last year’s finishing tally of just over $36.57 billion.
The projected annual figure was reportedly revealed earlier today as part of a revised budget and comes after the city’s casino industry saw combined February gaming revenues plummet by 87.8% year-on-year to only $388.29 million. This decrease was purportedly exacerbated by last month’s 15-day shutdown of all local gaming venues as well as the continuing coronavirus-related restrictions on travel between Macau and China.
GGRAsia reported that Macau’s aggregated gross gaming revenues for the first two months of the year now stand at just over $3.15 billion, which is almost 50% lower than for the same period in 2019, with numerous industry experts having predicted that it could now take up to six months for a semblance of normality to return.
First recorded in the Chinese city of Wuhan in early-December, the highly-contagious coronavirus infection is officially known as 2019 novel coronavirus (2019-nCoV) and has so far killed in excess of 9,300 people around the world. Macau documented its first official case of the ailment on January 22 and has so far chronicled a further 16 sufferers although ten of these have since recovered.
GGRAsia reported that the economic effects of the coronavirus ailment moreover prompted the government of Macau to detail that it expects to collect fewer full-year gaming taxes and record a city-wide deficit for 2020 of about $4.87 billion. However, the updated budget purportedly denoted that the enclave has a financial preserve of approximately $72.46 billion comprised of some $18.62 billion in ‘basic’ reserves alongside ‘extraordinary’ fallbacks worth of almost $53.84 billion.