Once Again Macau Revenues Decline However Not Nearly as Much as Anticipated With Reasonable Performance
Macau revealed its revenues for the month of April and although the numbers show a decrease, it’s not as bad as what was anticipated by analysts. The big question is; could this be the sign that Macau has been waiting for? The signs of some sort of stabilization comes after casinos started focusing on attracting tourists and casual gamblers, not just sticking to VIP.
The Macau Gaming Inspection and Coordination Bureau released the numbers just this last week showing a monthly decline amounting to 9.5% instead of 13.5% that analysts were expecting. Gross gaming revenue (GGR) for the entire month of April amounted to $2.2 billion.
This makes for the 23rd month in a row that the market has experience decreased revenues. Since the mid 2014s, when China’s anti-corruption campaign began, the economy has slowed way down which in return has kept players away from the gambling hub.
“The casinos produced another reasonable monthly revenue performance in what is a seasonally slower shoulder month. It still looks to us that the business is stabilizing and the next big catalysts to watch for are the summer travel season and the new resorts from Wynn Macau and Sands China,” commented Tim Craighead, a Bloomberg Intelligence analyst.
|Monthly Gross Revenue from Games of Fortune in 2016 and 2015|
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