Bonds of Macau’s casino operators have risen with Studio City’s and Melco Resorts’ bonds leading the pack. This follows the decision to ease Covid-related restrictions in Macau, in force from today. This news arrives as Macau’s casinos experienced their worst ever month on record with gross gaming revenues falling 95% to $49mn, according to the Gaming Inspection & Coordination Bureau (vs. analyst expectations of a 97% fall). The decline has seen Macau lose its spot as the top gambling hub to Las Vegas thanks to China’s zero-covid policy in the region.

However, whilst a recovery is expected, expectations are that the recovery will be slow as confidence in travel will be slowly rebuilt. Adding to the uncertainty is the fact that mainland China has imposed restrictions on outbound travel and visa issuances.

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