Macau Slot net profits down 37% in 2020

Company profits plummeted due to the Covid-19 pandemic.
Company profits plummeted due to the Covid-19 pandemic.

The instant lottery and sports betting concessionaire Macau Slot has reported MOP96m (US$12.1m) in net profits for 2020.

Macau.- Sociedade de Lotarias e Apostas Mutuas de Macau, known as Macau Slot Co., has reported that net profits in 2020 were down 37 per cent year-on-year to MOP96m (US$12.1m).

GGR was down 27 per cent year-on-year to nearly MOP$543m (US$67.8m) – the lowest figure in at least five years.

Macau Slot said the decrease was mainly attributed to the Covid-19 pandemic and the suspension of worldwide sports leagues.

The company said: “We remain committed to the improvement and search for more diversified products and types of sports betting to satisfy our customers’ needs.

“In dealing with the rapidly changing environment, we continue to strengthen our computer technology and sports information facilities to provide more comprehensive sports betting services.”

Macau Slot has renewed its concession to operate soccer and basketball lotteries until June 5, 2024, but it will now face competition from other players.

According to Macau Business, Macau Slot, may also “organize and explore other forms of lotteries or mutual betting” after approval from the Gaming Inspection and Coordination Department. Macau Slot Co’s contract could be revoked if the operator fails to maintain local workers.

In 2019, the instant lottery and sports betting concessionaire reported net profits of MOP154.8m (US$19.3m), a 30 per cent drop.

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Covid-19 land-based casino