Macau Gaming Revenues Up 5.7% In February
Gambling revenues for the month of February in Macau increased by 5.7% to reach $3.02 billion and makes it the nineteenth consecutive month of growth for the former Portuguese colony. This latest data released by Macau’s Gaming Inspection and Coordination Bureau was the third highest in the last 12 months but was under analyst’s expectations of between 7 and 12 percent.
Macau has been hit hard anise the widespread crackdown into corruption started in 2014 which lead to a slowdown it eh economy. This however had been slowly turning around mainly die the he focus on new casino resorts that offer more than just the traditional gambling that made Macau the world’s ;largest gambling hub.
As a result of the building boom there has been an increase in wealthier tourists and overnight visitors who are now coming to Macau to enjoy the overall entertainment on offer. Overnight visitors recorded a 10% increase since last year. The forecast for gambling revenues in Macau are positive with analysts like Morgan Stanley’s Praveen Choudhary saying they could hit $60 billion by 2022. Coupled with an increase in resort revenues is the high speed train extension and bridge being built that would connect Hong Kong and Macau that is set to open on the next two years.