Coronavirus Outbreak causes shotdown of Macau Casinos
The order of the Macau government to shut down casinos for a minimum of 15 days and possibly much longer could quickly turn into a financial crisis in the region as more than 40% of the GDP and 80% of the income for the local government come from the gaming industry.
As reported earlier this week, the Triton Poker Series Jeju was cancelled due to the Coronavirus outbreak. Now the Macau government followed suit and ordered the shutdown of all casinos for a minimum of 15 days.
Experts believe that the Macau casinos could be stayed close much longer than that as the deadly virus is spreading quickly with 20,438 confirmed infections in China alone!
The New York Times reported yesterday that the coronavirus looks Increasingly like a pandemic with the death toll rising quickly to 428.
“We have to do it for the health of our Macau residents“
The Chief Executive of Macau Ho Iat-seng said in a press conference:
“This is a difficult decision, but we have to do it for the health of our Macau residents“
It is only the second time ever that Macau casinos have been shut down after the desastrous Typhoon Mangkhut in 2018.
Casino shutdown could lead to a financial crisis in Macau
Macau is the gambling capital of the world and the most lucrative casino hub. The gaming industry generates more than 40% of the GDP of Macau and almost 80 percent of the income for the local government!
That means the monetary consequences will definitely be felt and could even turn into a financial crisis for the region the longer casinos stay closed.
Macau Casinos generate four times as much revenue than the ones in Las Vegas
As a comparison, Macau Casinos make four times as much revenue than the ones in Las Vegas!
In 2019, 35 Million People visited Macau with the vast majority of them being from mainland China coming to gambling it up in one of the numerous casinos.
However, it was the first time in history that the total casino revenue went down by 3.4%.
Due to the pandemic spread of the Coronavirus and the dependancy of the region on the revenue from the casinos, there are fears that this could turn into a massive economical crisis, if the casinos won’t reopen soon.
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