Macau Casinos Close for Typhoon Mangkhut

Casinos in Macau were forced to shut down for a period of 33 hours over the weekend as Typhoon Mangkhut beared down on them, causing the destination to suffer $185.6 million in revenue.

The casinos were ordered to close at 11pm on Saturday, but re-opened their doors at 8am on Monday. During the time, millions of dollars worth of casino revenues were lost, as all gameplay was halted. The storm blew through Macau as well as Hong Kong, causing a massive amount of damage as well as shutting down roughly two-thirds of manufacturing.

Analysts are predicting that Macau's revenues could slip as much as 7% for the month due to the storm, as the closure occurred on the weekend, which generates way more traffic than during the week. Gaming stocks also suffered due to the closure, with Galaxy falling by 4.6%, Wynn Macau slipping 3.2%, and SJM dropping 3.9%.

Speaking about the storm Power Macau Gaming Association president Stephen Lau said, "This is the first time in Macau history that all casinos halted operations, to ensure the safety of employees. We are seeing the government and casino operators no longer just put profit over the employees' interest."