{"id":88277,"date":"2018-09-17T06:25:33","date_gmt":"2018-09-17T13:25:33","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=88277"},"modified":"2018-09-17T07:39:41","modified_gmt":"2018-09-17T14:39:41","slug":"macau-casinos-take-185-million-hit-from-typhoon-mangkhut-shut-down","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/macau-casinos-take-185-million-hit-from-typhoon-mangkhut-shut-down\/","title":{"rendered":"Macau Gambling Industry Takes $185 Million Hit as Typhoon Mangkhut Closes Casinos, Spares Hub from Worst Devastation"},"content":{"rendered":"

Typhoon Mangkhut caused a 33-hour emergency shutdown of Macau\u2019s casino industry over the weekend, the first forced cessation of gaming in the enclave\u2019s history.<\/p>\n

\"Typhoon
Typhoon Mangkhut caused flooding in low-lying areas of Macau, forcing the evacuation of around 1,300 residents. No deaths have been reported, although 17 people have been injured in the gambling hub, one critically. (Image: Twitter)<\/figcaption><\/figure>\n

Operations were suspended at all 42 casinos from 11pm on Saturday night, local time, on the order of Chief Executive Fernando Chui Sai, reopening again on 8am on Monday.<\/p>\n

Mangkhut made landfall in China\u2019s Guangdong Province at around 5pm on Sunday, having laid waste to the northern Philippines where at least 64 were reported\u00a0dead and dozens more feared buried in mud.<\/p>\n

The gambling hub was spared such casualties — the category 10 super typhoon passed around 40 miles away at its closest point — although Macau officials on Sunday night reported 17 people injured, one critically.<\/p>\n

According to the South China Morning Post<\/em>, however, the storm brought severe flooding to low-lying areas in Macau, forcing the evacuation of around 1,300 residents to temporary shelters. Twenty thousand households were without power on Monday.<\/p>\n

Lessons from Hato<\/strong><\/h2>\n

Last week, the enclave\u2019s government hastily fast-tracked a proposal<\/a> to grant executive power to order the shutdown as it became clear that Mangkhut was on a collision course with Macau.<\/p>\n

\n

Officials were anxious to avoid the kind of criticism<\/a> that followed Typhoon Hato, which hit the hub one year ago, killing 16 and injuring hundreds more.<\/p>\n<\/div>\n

Then, casino workers complained they were expected to travel to work in dangerous conditions and faced losing pay if they were absent. Meanwhile, the enclave\u2019s meteorological bureau was subsequently investigated by corruption officials to ascertain whether it had held back on designating Hato a maximum category 10 typhoon (category four hurricane) to protect the casino industry\u2019s commercial interests.<\/p>\n

It was ultimately cleared of wrongdoing although bureau chief Fong Soi Kun was forced to resign following a public apology.<\/p>\n

Casino Stock Takes Another Hit <\/strong><\/h2>\n

The shutdown will be costly to the casino industry. Union Gaming Securities analyst Grant Govertsen told SCMP<\/em> that, collectively, the sector will have missed out on some $185 million due to the lost weekend.<\/p>\n

Govertsen said that weekends bring in significantly more gaming revenue than weekdays and it will take some time for things to return to normal due to the large-scale cancellation of flights and ferries into Macau.<\/p>\n

Analysts are likely to lower the gambling hub\u2019s revenue growth outlook for September yet further. Estimates have already been downgraded by almost half due to a slow start to the month, which caused casino stock to plunge last week.<\/p>\n

Stock fell further on Monday trading as the post-typhoon clean-up operation began, with Galaxy Entertainment, SJM, and Wynn Macau worst hit, falling 4.6 per cent, 3.9 per cent, and 3.2 per cent, respectively.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Typhoon Mangkhut caused a 33-hour emergency shutdown of Macau\u2019s casino industry over the weekend, the first forced cessation of gaming in the enclave\u2019s history. Operations were suspended at all 42 casinos from 11pm on Saturday night, local time, on the order of Chief Executive Fernando Chui Sai, reopening again on 8am on Monday. Mangkhut made […]<\/p>\n","protected":false},"author":36,"featured_media":88281,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,18],"tags":[],"acf":[],"yoast_head":"\nMacau Casinos Take $185 Million Hit from Typhoon Mangkhut Shut Down<\/title>\n<meta name=\"description\" content=\"Typhoon Mangkhut closes Macau casinos for the first time in the gambling hub\u2019s history. 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