Macau Gambling Revenue Surges 45%
Gambling revenue in Macau rose 45% in April from a year earlier, as mainland Chinese visitors to the world’s largest gambling market helped push the results to a third straight monthly record. Macau is the only place in China where casinos are legal. Gambling-revenue growth in the territory has been on a tear since the end of 2009, despite local government policies to slow the booming industry and encourage a more measured pace of growth.
Gambling revenue in Macau rose to 20.51 billion Macanese patacas (US$2.56 billion) last month, from 14.19 billion patacas a year earlier, Macau’s Gaming Inspection and Coordination Bureau said Tuesday. The total for April surpassed the previous monthly record of 20.09 billion patacas, hit just a month earlier in March. Last month’s growth follows blistering year-to-year increases of 48% in both February and March, and a 58% surge for all of last year.
“The 20.5 billion patacas reported for April will likely be seen as good but not great,” said RBS analyst Philip Tulk. “While it represents another all-time record revenue month for Macau, we had seen estimates as high as 22.5 billion patacas.” Mr. Tulk added that RBS doesn’t plan to change its 2011 Macau forecast as a result of the latest data. The firm continues to expect a nearly 29% year-to-year rise in the territory’s gambling revenue this year.
FYI, Steve Wynn just married for the third time this past Saturday and was the reason for the famous Donald Trump Dilemma at the White House Correspondents Dinner. The Wynn Macau must be doing incredibly well! U.S. casino companies Las Vegas Sands Corp. and Wynn Resorts Ltd., with units in Macau, are benefiting from the Chinese territory’s growth as Las Vegas remains sluggish. MGM Resorts International also is benefiting from the territory’s gains, through a joint venture with a daughter of Macau casino magnate Stanley Ho.
Macau is where the Money is baby! Vegas is still very vulnerable!