Macau does it again
News on 3 Mar 2014
News on 3 Mar 2014
Gambling on the island of Macau off the Chinese mainland generated a record $4.8 billion in gaming revenues for the month of February, far above analyst expectations, according to the Reuters news agency.
The impressive performance is attributed to strong spending from wealthy punters during and after a week-long national holiday.
Gambling revenue growth in Macau soared 40 percent to 38 billion patacas ($4.75 billion) in February, far ahead of analyst estimates of growth that ranged between 29-35 percent.
On present figures, Macau earns the equivalent of Las Vegas’s annual haul in less than two months.
February’s $4.8 billion figure compares to Singapore’s 2013 annual haul of $6 billion and Las Vegas’s $6.5 billion, Reuters reports.
February’s record comes after muted growth in January when revenues came in at 28.7 billion patacas with Chinese punters putting off their trips until the holiday period (see previous reports).
Analysts now estimate mass market growth (middle class gamblers) is likely to range between 25-30 percent for Macau this year. They predict that improving infrastructure developments that will shorten the journey from the mainland to Macau are likely to continue to drive visitation and further demand for gambling.
