November 11, 2020. Latest Casino and Gambling News, Casino proposals, Casino News, New Hotels, Gaming Industry News, Economy/Finance, Macau, Mergers, Acquisitions & Partnerships. The Genting Hong Kong Limited cruise ship subsidiary of Asian casino giant Genting Malaysia Berhad has reportedly announced that it is selling half of its interest in a subordinate that is currently developing a new waterfront hotel in Macau. Stanley Ho Hung-sun GBM GLM GBS GML OBE CStJ SPMP SPMT (Chinese: 何鴻燊, 25 November 1921 – 26 May 2020) was a Hong Kong-Macau billionaire businessman. His original patrilineal surname was Bosman, which was later sinicized to 何 (Ho). He was of Dutch-Jewish, English and Chinese ancestry. He was the founder and chairman of SJM Holdings, which owns nineteen casinos in Macau. There are now more than 40 casinos in Macao, from the gondolas and canals at the Venetian Macau to the world’s best water show at the City of Dreams. The city even has its own version of the Vegas Strip – the Cotai Strip. Which Macao casinos are the best? We’ve picked our five favorites below.

The latest setback

Casinos in Macau will not be benefiting from a “health passport” between the peninsula and Hong Kong just yet. When implemented, the agreement would allow people to go between the two regions in a much more seamless manner.

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officials say that they need more time to review the health safety card system

The two Chinese Special Administrative Regions (SARs) have been trying to develop this arrangement to ensure that people entering each region are not infected with COVID-19. Currently, anyone traveling to one of the SARs has to go through a two-week quarantine upon arrival.

The delay comes as Hong Kong officials say that they need more time to review the health safety card system.

A struggling economy

Macau’s economy is heavily reliant on the casino industry to generate revenue, so this latest delay will not help matters. About 90% of Macau’s tax revenue comes from casinos. Naturally, the city has been hit hard during the pandemic as visitor numbers have sharply decreased.

To date, there have been 46 confirmed cases of coronavirus in Macau with no deaths. After not having any new cases for almost 80 days, the island reported its first new case in late June.

In May, there were just 16,133 visitor arrivals, compared to almost 4 million in May 2019.

The only people allowed to enter Macau currently are those from Taiwan, Hong Kong, and China, and they must quarantine for two weeks after arriving. In May, there were just 16,133 visitor arrivals, compared to almost 4 million in May 2019.

Hotel occupancy for the month was only 12.3% versus 90.4% for the same period last year. Gross gaming revenue has also plummeted, with June’s figure at only $90m, representing a drop of 97% year-on-year.

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Daily cash burn

Macau casinos had to close for a 15-day period in February and have been struggling ever since. The second quarter of 2020 is set to be the worst quarter on record for the island’s gaming revenue.

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The facilities are still dealing with operating costs despite the lack of visitors. Sands China, the Chinese subsidiary for Las Vegas Sands, is burning through $4.3m per day, the most of any casino operator.

Job losses are expected in Macau’s casino sector because of the pandemic.

New and more strict entry level regulations have applied for Macau. During July it saw 94.5 percent revenue drop. Seeing this, casino companies like Las Vegas Sands (NYSE:LVS) and MGM resorts International (NYSE:MGM) have taken measures. The change got applied from Tuesday.

This is in wake of the increasing COVID cases in Hong Kong. This new spike in cases has pushed Macau casinos to bring about these strict entry rules. The new rules require a person to present a nucleic acid test coronavirus test. This must be done 72 hours back from entry from Hong Kong. The 14 day quarantine rule on- arrival is still in place.

It is being predicted that this new rule can further damage the casino market. About 15 percent of Macau’s gambling revenues are generated from Hong Kong. With the spike of coronavirus in Hong Kong this revenue goes for a toss.

The secretary of economy and finance in Macau, Lei Wai Nong, urged tourists and visitors to be patient. It was informed that efforts are being taken to work consolidated and closely with Mainland China. This is being done to facilitate gradual opening and lifting of travel restrictions.

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Lei Wai Nong commented about the virus and its impact on business and stated that the pandemic has certainly stretched more than our expectations. Closely studying these changes, experienced stock analysts David and Tom Gardner said that MGM Resorts International doesn’t fit in their top 10 buys. Their top ten list is available online.