As a reminder that Macau’s economy had been on a decline before the coronavirus outbreak hit in late January, official data for 2019 shows GDP fell 4.7% YoY. For Q4, the number was down 8.1% YoY. The economy was worth MOP434.7 billion (US$54.2 billion), last year, and on a per-capita basis was MOP645,438, placing Macau at No. 2, just below Qatar on a list of the world’s richest countries.
This was hardly surprising, of course. Gaming revenues had been in decline for most of the second half of the year already. Non-gaming revenue had also been in decline as tourism numbers had been dropping over the last few months, mainly due to growth easing in China but also due to visa restrictions on travel to Macau that had been in place since shortly before President Xi Jinping’s visit on December 18-20.