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Macau gaming slump persist as casinos burn through millions of dollars of cash

News Snapshot:

Macau’s gaming industry extended its slump last month, with revenue plunging 68 percent year-on-year as China tightened travel restrictions during a record COVID-19 outbreak, and casinos burned through millions of dollars of cash per day. Gross gaming revenue dropped to 3.34 billion patacas (US$413.6 million), the Macau Gaming Inspection and Coordination Bureau said. The results were worse than the median analyst estimate of a 64 percent year-on-year decline, and follow a 68 percent slump in April and a 56 percent drop in March. Photo: Reuters Revenue rose 25 percent from April, but was down about 87 percent from levels before…

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