Macau casinos rake in 302.85b patacas revenue in 2018
Macau
GAMBLING revenue in Macau rose 14 per cent in 2018, the second consecutive year of gain as demand to wager in the Chinese territory continued to rebound from a prolonged slump.
December was also the 29th straight month where revenue in China's only legal gambling hub rose versus the same month a year prior, according to data released on Tuesday by the Gaming Inspection and Coordination bureau.
Revenue rose 16.6 per cent to 26.47 billion patacas (S$4.5 billion) versus the 10-15 per cent estimates of analysts polled by Reuters.
Revenue for the full year was 302.85 billion patacas.
Revenue has stabilised since a period of decline, which coincided with a central government campaign against conspicuous spending among public officials.
However, a Sino-US trade war and slowing Chinese economy will likely weigh on sentiment in the high-roller VIP segment, keeping any further revenue gains checked, analysts said.
Nevertheless, casino executives are bullish on the potential benefits from the opening last year of the world's longest sea-crossing bridge and tunnel, linking Macau to the financial centre of Hong Kong and mainland China's Pearl River Delta.
Authorities also hope the bridge will boost the development of Macau's convention and exhibition business and increase overnight visitation numbers, both of which help drive non-gaming revenue in the gambling-dependent territory.
The special administrative region has been encouraging casino operators to diversify to help broaden its economic base.
At present, tax from casinos accounts for over 80 per cent of the Macau government's total revenue. REUTERS
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Consumer & Healthcare
‘Extreme’ climate blamed for world’s worst wine harvest in 62 years
Sheng Siong Q1 net profit up 9.3% on higher revenue
Nestle sales growth sputters on US slump, vitamin snags
Hermes Q1 sales jump 17% on strong China demand
Cordlife’s independent auditor to retire after issuing disclaimer of opinion on FY2023 financials
Cutting the cord?: Events leading up to Cordlife’s MOH suspension and arrests of its directors, ex-group CEO