land-based casinos road to recovery

‘The Road to Recovery for Land-Based Casinos Around the World?'(Image Source: https://unsplash.com/photos/hluOJZjLVXc)

After a tough pandemic-hit year, recent financial news points to light at the end of the tunnel and the beginning of the road to recovery for land-based casinos! News from Macau, Las Vegas, and Germany suggest that the worst is over and the industry can start to repair, regroup, and recover.

Just over a year ago, COVID-19 struck and amid lockdowns, travel restrictions, and other measures to prevent the spread of the disease, land-based casinos alongside many other businesses, industries and economies were hit hard. Many had to temporarily close, others had their capacities reduced, and some even went out of business.

Many major casinos have lost millions if not billions in revenue. A prime example being Caesars Entertainment who recently announced losses of around $2 billion due to COVID-19, The company has recently begun legal action against insurers in an attempt to recover some of those losses. Plus, while the online casino industry has not suffered as a whole and has arguably benefitted, there have been instances where struggling land-based casino have caused a knock-on effect. Live dealer studios such as Evolution which operate within major land-based casinos have had to close tables.

However, with the global rolling out of vaccinations, the loosening of restrictions, and falling infection rates, things are finally looking up for land-based casinos and the gambling industry as a whole.

Macau Gross Gaming Up 58% in March

Just yesterday, the Gaming Inspection and Coordination Bureau in Macau announced a gross gaming revenue (GGR) of $1.04 billion in March 2021. That figure represents a 58% increase on the figures posted for March 2020 when the COVID-19 infectious disease was spreading rapidly. Furthermore, those figures also show continual growth when compared to January and February when revenue was recorded as $1 billion and $914 million, respectively.

The latest increase is a result of increased numbers of Chinese citizens visiting Macau due to quarantine-free travel between the countries opening up on February 23. In the week between 20 and 26 of March alone, 200,000 visitors made the journey from China to Macau.

Recovery for Land-Based Casinos as Las Vegas Slowly Opens Up

In other positive news, casino life in Las Vegas is slowly resembling something like how it used to be pre-COVID. 

On March 15, allowed capacities in land-based casinos, hotels, and restaurants increased from 35% to 50% due to the loosening of restrictions. Fresh cases of COVID were dropping, vaccinations were rolling out quickly, and a hugely popular basketball tournament that usually attracts thousands of visitors to the city was on the horizon. 

The decision was not a popular one in some quarters as combined, those factors led to thousands descending on the city. However, it is the bigger picture that many feel should be looked at. Life is returning to normal and business and industries can finally repair the damage.

Melco International Eyeing Positive 2021 Annual Losses of $1.6bn

The casino industry was hit hard in Hong Kong in 2020 too. Melco International announced losses of just under $1.6 billion last year. Those losses were a direct consequence of lockdowns, travel restrictions and forced closures issued by the government. However, Melco International as a casino and resort giant is not feeling sorry for itself and instead is looking forward to a positive end to the year. The CEO, Lawrence Yau Lung Ho has gone on record as saying the worst is now behind us.

BtoBet Predicts Slots and Poker to Provide Huge £18.2 Boost to German Gambling Industry

The Hong Kong casino industry suffered in 2020 too. Melco International announced losses of just under $1.6 billion last year. Those losses were a direct consequence of lockdowns, travel restrictions and forced closures issued by the government. However, Melco International as a casino and resort giant is not feeling sorry for itself and instead is looking forward to a positive end to the year. The CEO, Lawrence Yau Lung Ho has gone on record as saying the worst is now behind us.

BtoBet Predicts Slots and Poker to Provide Huge £18.2 Boost to German Gambling Industry 

Finally, although not directly linked to land-based gambling, BtoBet forecast the German economy to receive a tremendous boost over the next few years. As a result of a new Interstate Treaty on Gambling, due this summer, BtoBet has projected the new gambling regulations which will result in the licensing of online casinos and poker rooms could lead to market growth of up to £18.2 by 2024. 

The global gambling industry has suffered in the past year but the recent news above goes some way to suggest that the worst is over and it can once again prosper. Like most in the industry, we can imagine that many of you believe the sooner this happens, the better!

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