We’ve been tracking the decline in casino revenues in Macau, the Las Vegas of the East, and the latest numbers are as bad as we’ve seen in a long time. For our weekly recap of the casino news, we’ll start with the most recent monthly revenue report from Macau.
Macau Casinos' Worst Monthly Revenue Declines In Years
In December, the casinos based in Macau were hit with the worst monthly revenue decline in years in the month. According to the numbers that were released by the Gaming Inspection & Coordination Bureau in the area, Macau casino operators generated $2.85 billion in gaming revenues, which represented an astounding 13.7 percent drop from December of 2018. The figures recorded by the institution over the course of the year included a 3.4 percent drop overall in annual revenues.
The drop in the month of December was much worse than forecasted after the casinos in the area suffered an 8.5 percent drop in the month of November in comparison to the previous year. While the overall revenue numbers are still solid, the concern is that the trend towards declining numbers could begin to take a toll on the revenues in the area throughout 2020.
A looming trade war with the United States combined with escalating protests in Hong Kong are recognized as he two biggest contributing factors to the issues the Macau casinos are facing right now. Although there have been some small breakthroughs in trade talks between the United States and China, the Hong Kong protests don’t appear to be coming to an end anytime soon.
DraftKings IPO Following Merger with Diamond Eagle Acquisition Corp
One of the largest players in the online and mobile sports wagering industry is looking to deliver an initial public offering in 2020. DraftKings made the announcement of a looming IPO following the company’s merger with Diamond Eagle Acquisition Corp and SBTech. The transition will combine the three entities when it closes in the first half of the year. It’s expected that the combined company will deliver an approximately $3.3 billion equity market capitalization number at closing and will have over $500 million in unrestricted cash on the balance sheet that it can do whatever it wants with.
Atlantic Casino Resort Spa Patron Wins $880K Playing Penny Slots
All it takes is one visit to a local casino and a little luck to completely change your fortunes. That is the case with a man named Lawrence Fuller, who recently tested his luck and won with a trip to the Atlantic Casino Resort Spa in Reno, Nevada. The lucky winner, who was playing on a penny slot machine in the casino, won $880,000 on a $1.80 wager. The local Reno resident went on to add five more slot machine jackpots to his total that same day, instantly transforming both his bank balance and his overall outlook on life.
While not everybody gets as lucky as Fuller did earlier this week, his story serves as yet another reminder that anything can happen and anyone can win.