Macau's casino revenue up at record
Source: Bloomberg News |
November 2, 2012, Friday
|
Print Edition
Print Edition
MACAU casino revenue rose 3.2 percent to a record last month as promotions over the eight-day Golden Week holiday attracted more Chinese tourists to the world's biggest gambling hub.
Casino revenue in the city rose to 27.7 billion patacas (US$3.5 billion) in October, topping a record 26.85 billion patacas in the same month a year earlier, according to data from Macau's Gaming Inspection and Coordination Bureau yesterday.
Gambling revenue is back to an all-time high as casino operators including Sands China Ltd, Galaxy Entertainment Group Ltd and Wynn Macau Ltd ramp up expansion in the only place in China where casinos are legal. Middle-class Chinese tourists, or the so-called mass market, have helped shore up growth even as high-stake bettors have cut back in a weaker economy.
"The numbers are better than my expectations," said Edwin Fan, a Hong Kong-based analyst at BOC International Group, who estimated growth of under 3 percent. "That was due to a faster and stronger ramp-up from Sands' latest property in Cotai."
Sands China opened the second phase of its Cotai Central resort on September 20, 10 days before the holiday.
Casino revenue in the city rose to 27.7 billion patacas (US$3.5 billion) in October, topping a record 26.85 billion patacas in the same month a year earlier, according to data from Macau's Gaming Inspection and Coordination Bureau yesterday.
Gambling revenue is back to an all-time high as casino operators including Sands China Ltd, Galaxy Entertainment Group Ltd and Wynn Macau Ltd ramp up expansion in the only place in China where casinos are legal. Middle-class Chinese tourists, or the so-called mass market, have helped shore up growth even as high-stake bettors have cut back in a weaker economy.
"The numbers are better than my expectations," said Edwin Fan, a Hong Kong-based analyst at BOC International Group, who estimated growth of under 3 percent. "That was due to a faster and stronger ramp-up from Sands' latest property in Cotai."
Sands China opened the second phase of its Cotai Central resort on September 20, 10 days before the holiday.
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