Macau gambling revenues up almost 8 percent in November

Gambling revenue in Macau rose 7.9 percent year-on-year in November, aided by strong spending from China’s emerging middle class.

The latest Macau Gaming Inspection and Coordination bureau released numbers Monday showing that November’s revenue reached 24.88 billion patacas (US$3.12 billion) – largely in line with analyst estimates predicting a 7-8 percent growth rate for the month.

While growth rates have dropped from double-digit highs in the past seven months due to lower spending by big VIP gamblers, overall revenue has remained solid, analysts reported.

Annual revenue for the year 2012 is expected to reach US$38 billion, more than six times that of Las Vegas.

Many industry observers are taking an optimistic view for the coming year, pointing out that new surveys of private factory managers indicate that the China’s massive manufacturing sector perked up for the first time in 13 months in November, bolstering evidence that the economy is reviving after seven quarters of slowing growth. The country’s improved transport infrastructure, especially in the rail sector, is also expected to make access easier.

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