Macau Revenues Up 16.3 Percent for April
Once again gambling revenues in Macau have met analysts’ forecasts for the month of April. Continuing on their upward trend revenues in the Chinese territory were up 16.3 percent for the month of April with $2.52 billion generated.
Analysts were expecting 13-17 percent as new resorts continue to attract casual gamblers to the former Portuguese colony.
After a two year slump Macau is showing signs of recovery following a major change of policy by the Chinese government which saw a crackdown on corruption by public officials and wealthy VIP players that made up most of the gambling revenues in Macau.
The new resorts from Melco Resorts, Las Vegas Sands, Wynn Resort and soon to open MGM Resorts in the Cotai region of Macau are set to be appealing to mass market of tourists. Added to this is improved infrastructure being built including a new ferry terminal that is opening in Cotai. A high-speed rail line with China is also set to enable tens of millions of people within a few hours of travelling to Macau which will make trips much more accessible and feasible.
Gaming revenues still amount to 90% of revenues if Macau and there is still a long way to go in order Macau to emulate Las Vegas where non-gaming revenues account for around 50 percent of total revenues.