Macau’s gaming revenue increases for the third consecutive month
Macau’s gaming revenue posted a 8.8 per cent increase in revenues to US$ 2.73 billion ( 21.8 billion patacas), according to Macau’s Gaming Inspection and Coordination Bureau.
The figure completes three straight months of year-on-year growth, with revenues also rising in August (1.1 per cent), and September (7.4 per cent).
The growth reverse a 26-month slump in the 38 Macau casinos.
Macau has opened this year new billion-dollar resorts that target recreational gamblers instead of the high rollers that form the bulk of its gambling customers.
Almost a million Chinese tourists visited Macau in the first seven days of October for Golden Week, the most in at least a decade.
The better-than-expected results show Macau is at a turning point, wrote Union Gaming analyst Grant Govertsen in a note. He forecasts the city’s gaming revenue will grow 11 per cent in November.
With the addition of the October results, Macau’s gross gaming revenue for the first 10 months of 2016 now stands just 5.8 per cent lower than in the same period last year.