Macao Takes Lower Revenues than Expected in June
Last month saw revenues rise in Macau at a double-digit pace but slightly slower than analysts had expected. As a result a number of investors have sold their shares.
Gaming revenue rose by 26.9% year-on-year in June to $2.5 billion. However, this was slightly lower than the median estimate compiled by Bloomberg of 30% growth. It brought total gaming revenue for the territory to 126.4 billion Patacas for the first half of the year.
While things are looking up in Macau after a period of falling revenues, shares in Macau casino operators still slipped. Galaxy Entertainment shares fell 3.2% and Sands China fell 2.1%. China’s anti-corruption campaign kept many high rollers away from the territory and now operators have turned their attention to mass-market gamers and opened a number of new resorts last year. Since then revenues have started increasing again but all eyes are likely to be on July’s figures.