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Macau Casino Revenue Hits Three-Year High

Macau Casino Revenue Hits Three-Year High

October was a good month for Macau with casino revenue reaching its highest level for three years. The boost in revenues is mainly down to an increase in high-stake players and recreational players visiting the gambling hub following a major holiday and Communist Party meeting in China.

Data from Macau’s Gaming Inspection and Coordination Bureau showed that gross gaming receipts rose 22.1% to $3.3 billion last month.

Furthermore, according to a Macau-based managing partner at Asian gaming consultancy IGamiX there have been no further signs of a crackdown on gambling from China and this will have reassured the Chinese VIP players.

Macau is the only place in China where gambling is legal. Last month saw an 11% rise in visitors from the mainland and a number of big bets from VIPs that helped to boost revenues. A typical gambler in Macau will place bets of around $150,000 each.

The gains came as casino operators in Macau begin to turn their attention to mass-market gamblers. Las Vegas Sands Corp. recently announced plans to spend $1.1 billion to renovate a resort into a London-themed attraction and MGM Resorts International is planning to debut a $3.3 billion property designed to attract casual gamblers and tourists.

The figures also lifted the stocks of a number of casino operators. Wynn Resorts went up over 5.5% while Las Vegas Sands was up over 2.8%, MGM also went up about 2%.

There was also good news from Las Vegas where the Nevada Gaming Control Board reported that Nevada casinos won close to $980 million in September, a 3% increase compared to September last year.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.