Macau has come a long way since its mass casino shutdowns in early 2020. Casino companies here are doing what they can to increase revenue figures. This week, officials revealed that Macau’s casino regulations are set to change once again.
The gaming companies here are facing some shake-ups. This doesn’t mean Macau’s casino industry is in any serious trouble, though. Now is a great time to talk about what exactly is changing in this massive gambling hub.
Let’s get into it!
Gaming Revenue in Macau Continues to Increase
The world’s land-based casino industry suffered throughout 2020. In many ways, Macau was one of the hardest-hit cities in the country from an economic point of view. All of the casinos were shut down here for months and the tourism industry came to a screeching halt.
It took a long time for things to improve here. Mainland China prohibited travel to and from Macau throughout most of 2020. The government gradually lifted the travel restrictions here in mid-2020, yet tourism figures remained very low.
Reports have recently come out showing how much revenue the casinos in Macau earned during the month of May. To the surprise of some analysts, these casinos managed to bring in more than $1.3 billion in Gross Gaming Revenue. This represents a staggering 24.3% increase from April.
Compared to 2019, however, the economic situation here isn’t quite as exciting. GGR is still down considerably from two years ago and may not reach those levels for quite some time. Despite that fact, Macau’s casino companies seem pleased with the progress being made.
Mainland China clearly still maintains a strong presence in Macau’s gaming industry. This week, news broke of some of the new regulations being implemented in this major gaming hub.
Here’s How Macau’s Casino Regulations are Changing Once Again
Macau is still considered one of the most successful gambling hubs in the world. Many of the most profitable gaming companies are operating here including MGM Resorts and Las Vegas Sands. For the most part, these companies have been able to operate in much of the same way they do in the United States.
That may not last forever, though. It now appears that Macau is set to heavily increase its regulations over the gaming industry. Officials here are taking a closer look at casinos to ensure they operate in a way that Mainland China agrees with.
It appears that Macau also wants to appoint a new director to better oversee casinos here. Many feel this is in response to China’s tightened grip on the gaming industry. It also comes just months before most of the biggest casinos here will see their gaming licenses expire.
Macau’s government is currently working on a restructuring process for these gaming licenses. The details of how gaming companies can acquire one of these licenses will not come out until later 2021. Macau Secretary for Economy and Finance Lei Wai Nong spoke about this situation to the media recently.
“The gaming industry is related to Macau’s future and welfare, and the re-tendering of gaming licenses is being prepared accordingly, the public consultation will start in the second half of 2021,” Nong said.
There is a lot changing here right now. Revenue is increasing, yet casino companies may need to brace for a major increase in regulations. Stay tuned for more updates on this situation over the next few months!
How are Casino Hubs Faring in the US Right Now?
The United States is still home to the world’s biggest land-based casino industry. Like Macau, the US saw its casinos shut down for much of 2020. Things have been rapidly improving throughout 2021, though.
Most of the country’s biggest gambling hubs are now seeing a steady increase in their tourism and gaming revenue figures. That includes Las Vegas, which has seen a dramatic turnaround from the events that unfolded last year. This city is now bracing for a major surge of tourism over July and August.
Many will be flocking to Las Vegas to see the brand-new Resorts World Las Vegas property. This venue has been under construction since 2017 and at $4.3 billion is the most expensive resort ever built in the city. Most analysts expect it to become the hottest new venue in Las Vegas.
Atlantic City seems to be faring well this year, too. This city has been reporting consistent revenue increases and many of the casinos in this city are now undergoing major renovations. As restrictions are lifted here, more tourists begin flocking in.
There was a time when it seemed as if the land-based casino industry was on the brink of collapse. Things have turned quickly and 2021 may end up being a record year for some of the country’s biggest gaming companies. We’ll continue offering revenue updates as the year goes on.
Are you surprised to see Macau’s casino regulations ramping up? Let us know in the comments section below!
A longtime sports and gambling enthusiast, Kevin looks to present up-to-date and reliable information for readers. If he’s not writing, he’s probably watching MMA or playing blackjack. ...
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