Thu, Nov 2, 2:15pm by Head Editor
October was a month to celebrate for owners of Macau’s gambling houses, with the Southern China city posting a three-year revenue high in October.
The national holiday week, which took place from October 1 to 8, was a contributing factor in the rise, with it lasting a day longer than 2016 and attracting an 11% rise in visitors from the mainland.
Several big bets from VIPs helped to boost revenue, which ended up 22% higher than a year earlier and totalled $4.2 billion. It was the 15th consecutive month of increases for the gambling mecca.
Macau’s Gaming Inspection and Coordination Bureau released the figures on Thursday (AEDT), which were almost 8% higher than a survey of nine Bloomberg analysts had predicted.
Being the only place in the country where casino gambling is legal and the VIP sector is one of the biggest in the world, consisting of gamblers who typically make bets of about $150,000.
The growth in gross gaming receipts is the highest since October 2014, as recreational players and high-rollers visited the world’s biggest gambling hub during and after the holiday period.
Interestingly, the figures show that many gamblers visited the former Portuguese colony in the latter part of the month, so they could avoid the rush of the crowd which arrived during the early October holiday week.
The strong results will please MGM Resorts International, who are about to open a $4.2 billion resort which they are aiming at tourists and casual gamblers.
Las Vegas Sands Corp. also announced recently that are spending $1.42 billion on renovating a resort into a London-themed attraction.
The markets also reacted to the booming results, with Macau casino stocks rising 4 percent on Wednesday.
MGM China Holdings Limited and Wynn Macau Limited both surged 4.3 percent while Sands China Limited added 4.1 percent. Galaxy Entertainment Group Limited (3.5%) and SJM Holdings Limited (2.2%) were also in the black after having strong months.
The 2018 Winter Olympics are underway in PyeongChang, South Korea with 17 days of sport on ice! So whilst we watch the…
The New England Patriots and Philadelphia Eagles went toe to toe for four closely contested quarters and after an offensive game for…
The 2018 Australian Open ends with a maiden Grand Slam title for Dane Caroline Wozniacki and a historic 20th Grand Slam title…