Gaming Revenues Up For Seventh Consecutive Month In Macau
Macau’s gambling revenues continue to recover after over 24 months of consecutive declines following a sustained crackdown by Chinese authorities on corruption in the former Portuguese colony.
February say revenues rise for the seventh consecutive month with $2.9 billion which almost 18% increase from the same period last year. New casino resorts have been the stimulus for the recovery as well as a boost by the number of visitors over the national new year holiday at the start of the month. Overnight Chinese visitation has grown since the beginning of 2017 due to the launch of multi- billion resorts by Wynn Macau and Sands China.
China’s plans to move Macau away from being solely a gambling hub are seeming to work with gambling operators realizing they have to adapt to a more family and tourist orientated destination.
Analysts believe that the last seven months increase in revenues is a clear sign of stabilization. Macau’s largest junket operators have reported improved revenues from the second half of 2016. These operators were hit hard by the crackdown as they were the main source for casinos who relied on them to bring in high rollers and VIP players which made up the majority of gambling revenues.
The trend is for casino operators to focus their attention now more on the mass market as a result of the growing leisure market created by the opening of the resorts.