Macau Posts Twelfth Month of Consecutive Growth After July Revenues Increase
The Las Vegas of the East Macau has had a rollercoaster ride in the last few years. What was once the undisputed playground for corrupt Chinese officials and VIP gamblers became the focus of Chinese President Xi Jinping a few years ago. Jinping launched an anti-corruption crackdown which meant that revenues in the former Portuguese Colony suffered over 24 months of consecutive declines as gamblers stayed away fearing the consequences.
Many believed that Macau would not recover as the majority of its revenues is still made up from the casino industry. However July revenues were just released and the news is positive as it marks the 12th consecutive month of gains posted after years of declines. The main reason for the upturn is that the casino industry has focused more on providing services that are focuses on tourism and not solely on gamblers.
The launch of mega resorts that offer everything form fine dining to theme parks for the family have meant more people are flocking to the tourist destination which in the past would have been made up solely of gamblers.
July saw a 29% ear-on-year increase with revenues reaching $2.86 billion. Besides the tourists that are coming back, there is signs that the VIP players are starting to come back. According to CEO of Macau Based Asia Gaming Magazine, “Some of the more adventurous are returning, then others are hearing from them that it’s absolutely fine to go to Macau, and that feeds off itself. New millionaires are made in China every day — it’s like an adult rite of passage for wealthy people in China to come to Macau.”