Nearly ‘zero revenue’: Macao’s casinos were burning millions a day. Then came a lockdown

Since last week, Macao has been under strict stay-home orders as it grapples with a surge in coronavirus cases. Macao, a former Portuguese colony that is now governed by China, is subject to Beijing’s Gaming is by far Macao’s most important industry, accounting for massive employment and The sector is so crucial that it sometimes even seemed immune to “zero Covid” rules. In previous lockdowns, authorities notably refrained from closing the glitzy properties, even if it meant workers would have to sit in empty casinos “swatting flies,” said Lee. The Despite the turmoil, Lee doesn’t expect any operators to miss their chance to throw their hats in the ring for new licenses. Companies have already incurred heavy “sunk costs” in Macao, he said, pointing to some that had recently renovated properties or made other big investments just before the pandemic. “They cannot afford to withdraw, because if they withdraw, they’ve got nothing.”— Shawn Deng in Toronto, and Lauren Lau and Akanksha Sharma in Hong Kong contributed to this report.