2020 continues to be the disastrous year for Macau casinos, which meet significant year-on-year downfalls since February. However, according to the latest casino news, the situation can positively change when the government restores Individual Visiting Scheme (IVS).
Almost 95% of year-on-year revenues downfall happened with Macau gambling enterprise in August. The coronavirus pandemic's negative effects continue hitting the entertainment industry, and one of the world's casino centers feels it. If one transforms the percentage into money, the total revenues of 39 casinos in August were only $166.6 million.
However, August became just another month with a negative tendency and continued a five-month streak of 90%+ drop in year-on-year incomes. The global lockdown significantly influenced Macau's situation, as the city's governors introduced quarantine measures at the end of January.
How can restoring the Individual Visiting Scheme (IVS) help Macau?
The IVS was launched in 2003 and allowed mainland China citizens to visit two specific territories: Macau and Hong Kong. It led to both cities' significant boost even though this temporary visa was active only seven days. However, the Chinese government stopped the IVS after the pandemic measures were implemented all over the world.
Nevertheless, Beijing decided to renew the Individual Visiting Scheme program at the end of August. Macau casinos expect to meet a significant number of Chinese tourists, which usually make up approximately half of the total players' flow.