Macau casino revenue hits 3-year high on post-holiday gaming rush
Hong Kong
MACAU'S casino revenue in October climbed to the highest in three years as many high-stake bettors and recreational players visited the world's biggest gambling hub after a major holiday and Communist Party meeting.
Gross gaming receipts rose 22.1 per cent to 26.6 billion patacas (S$4.5 billion) last month, according to data released by Macau's Gaming Inspection and Coordination Bureau on Wednesday. That compares with the median estimate for a 14.5 per cent increase in a Bloomberg survey of nine analysts.
"The final week of October indicated that the VIP and premium mass segments both benefited from strong demand," said Ben Lee, a Macau-based managing partner at Asian gaming consultancy IGamiX. "The absence of any telegraphing of intentions to further crack down on gaming has probably alleviated the anxiety of Chinese VIPs in relation to gaming activities."
The gains in casino revenue, the highest since October 2014, come as Las Vegas Sands Corp is set to spend US$1.1 billion to renovate a resort into a London-themed attraction and MGM Resorts International gears up to debut a US$3.3 billion property to attract casual gamblers and tourists.
Many gamblers visited the former Portuguese colony in the latter part of the month to avoid the holiday crowd during Golden Week. BLOOMBERG
