Although casinos in Macau have resumed operations following the coronavirus-induced shutdown, casino tables still remain empty. This has resulted in a sharp decline in gross gaming revenues (GGR) in July. Notably, gaming revenues from the worlds largest gambling hub fell for the 10th consecutive month. Moreover, GGR declined more than 90% for the fourth straight month.

In July, gaming revenues from Macau plunged 94.5% to 1.3 billion patacas ($162.89 million) following a decline of 97% in June. The can primarily be attributed to a reduction in footfall as China continued to decline individual and group visas to Macau as a safety precaution. The government has also enforced body temperature check at casino entrances.

Moreover, in the first seven months of 2020, GGR fell 79.8%, year over year to $35.1 billion patacas. Notably, the casino operators in Macau were already grappling with a slowdown in China, the coronavirus pandemic has only aggravated their woes. Per Macau's Statistics and Census Bureau (DSEC) in the first half of 2020, the region witnessed a decline of 83.9% in visitation to the region.

Nevertheless, the worst seems to be over for the gaming industry in Macau as China is slowly easing certain restrictions. In mid-July, the Guangdong province lifted quarantine measures. Further, non-tourist visas will commence for the whole country from Aug 12. Analysts anticipate reissuing of visas to Macau in August or September.

However, Macau is likely to record revenue decline in the rest of the year as well. Moreover, gambling industry is suffering in Las Vegas, which is one of the hotspots for gamblers, due to coronavirus outbreak. Although casinos in Las Vegas have resumed operations, traffic is still very low due to the safety protocols and fears related to the pandemic.

The industry currently carries a Zacks Industry Rank #197, which places it at the bottom 22% of more than 250 Zacks industries. Year to date, the industry has declined 27.5%, against the S&P 500s growth of 1.7%.

Shares of Wynn Resorts, Limited WYNN are down 47.4% year to date. In the past 90 days, estimates for the current year have been revised downward to a loss of $11.82 from a loss of $2.74. The company currently has a Zacks Rank #4 (Sell).

Shares of MGM Resorts International MGM have declined 50.9% year to date. The companys performance in 2020 will be impacted by the coronavirus-induced crisis. In the past 90 days, estimates for the current year have been revised downward to a loss of $1.53 from a loss of 33 cents. The company currently carries a Zacks Rank #3 (Hold).

Shares of Las Vegas Sands Corp. LVS have tanked 36.2% year to date. In the past 90 days, estimates for the current year have been revised downward to a loss of $1.49 from a loss of 27 cents. The company currently has a Zacks Rank #4.

Shares of Melco Resorts & Entertainment Limited MLCO have plunged 29.3% year to date. The company, which develops, owns, and operates casino gaming and entertainment casino resort facilities in Asia through its subsidiaries, has been impacted by the deadly virus. The Zacks Rank #5 (Strong Sell) companys earnings estimates for current year have declined to a loss of $1.42 from a loss of 30 cents in the past 90 days.

You can see the complete list of todays Zacks #1 Rank (Strong Buy) stocks here.

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Gaming Industry Continues to Bear Coronavirus Brunt in Macau - Yahoo Finance