Macau Gaming Revenues Exceed Expectations In March
Macau continues to recover from the two year slump that saw gaming revenues take a huge drop due to a major crackdown by Chinese President Xi Jinping on corruption that plagued the Las Vegas of The East.
The positive news is that gaming revenues in March were up by 18 percent which meant an eighth consecutive month of increases. The $2.6 billion of revenues exceeded analysts’ expectations which were between 12 and 16 percent. One of the main reasons for the recovery of Macau is opening of new mega resorts which are attracting Las Vegas style gamblers who are looking for an overall entertainment experience.
The dependence of Macau on VIP gamblers which still make up the most of the gaming revenues is starting to change as it is clear that both the Macau and Chinese authorities are determined to diversify Macau as a global tourist attraction and not only a gambling hub.
This can be seen from recent reports that the number of global tourists to the former Portuguese Colony increased 8 percent in 2016 from the previous year as more tourists are flocking to a more family friendly resort destination.