Macau revenues rise for the fourth consecutive month
News on 1 Dec 2016
News on 1 Dec 2016
Hopes that Macau has turned the corner after years of losses rose again Thursday when the local regulator Macau Gaming Inspection and Coordination Bureau revealed that for the fourth consecutive month gambling revenues are up compared to the corresponding period last year.
Gambling revenue in November 2016 rose 14.4 percent year-on-year to 18.8 billion patacas (US$2.36 billion) as more mass market visitors travelled to the island following the recent opening of multi-billion dollar casino resorts by Sands China Ltd and Wynn Macau Ltd.
However, a Reuters news agency report observed that VIP clients – seen as high-rollers – continued to stay away amid Beijing’s campaign against graft and shows of wealth by public officials.
November’s results are at the top end of analyst expectations for a 10-15 percent rise. But the figure was a drop from the previous month, when revenue was boosted by a national holiday week.
Bloomberg business news observed that the November numbers represent the strongest growth in almost three years and advance a recovery that’s seen more visitors flock to the local resorts of Las Vegas Sands Corp. and Melco Crown Entertainment Ltd.
Despite the positive signs of a rebound, the city’s government targeted a conservative forecast for gambling revenue next year, keeping it unchanged from 2016 at 200 billion patacas. That was 13 percent below analysts’ estimates.
Macau’s GDP grew 4 percent in the third quarter, the first positive growth recorded over the past two years, Macau’s Statistics and Census Bureau reported.
