02.032018Macau Revenue Dips in February
Gambling revenue in the Chinese territory of Macau, the only region where casino gaming is legal, increased at a lower rate than projected in February after copious growth in the month of January.
The revenue increased by 5.7 percent last month, way less than forecasters had projected after the skyrocketing-spending witnessed during the one-week national holiday, but the globe’s largest gambling territory still registered its 19th straight growth in as many months.
On Thursday, Statistics from Macau’s Gaming Inspection and Coordination agency showed that the revenue increase to $3.03 billion (24.3 billion patacas), the third highest in the last one year.
Analysts Projection for February
Analysts had projected a growth of 7 to 12 percent for the month of February.
Preliminary government data showed that the number of tourists during the seven-day national holiday increased by 6.5 percent in the previous Portuguese colony.
The revenue has increased in the special administrative territory after dipping to 5-year lows because of the extensive crackdown on corruption beginning in 2014 and the slow economic growth.
Thomson Reuters Datastream illustrated that this revenue still remains way off highs recorded in 2014 and is around monthly fees witnessed in 2012.
Fourth-Quarter Earnings from Operators
Fourth-quarter revenue from different casino operators including Galaxy Entertainment and SJM Holdings this week have exceeded what the analysts had projected as casino demand improved in the territory.
MGM China’s $3.4 billion casino resort launch was also in February, a few days before China’s Lunar New Year Festival.
Macau has seen richer visitors and more overnight tourists over the last few months as the region tries to diversify its attractions away from flashy casino structures.
Entertainment, leisure facilities, and a collection of dining options have cropped, prompting overnight tourists to increase by almost 10 percent in the past 12 months, boosting Macau’s development.
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