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.