Macau Casinos Stretch Winning Streak To One YearCasinos Win Nearly $3B From Gamblers |
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The Macau casino industry has reason to celebrate.
After experiencing 26 straight months of year-over-year declines, the special administrative region of China, the only place in the country with legal casino gambling, is now on a year-long upswing. Government officials announced Tuesday that the casinos won 23 billion patacas ($2.86 billion) from gamblers in July, an increase of 29 percent year-over-year.
Through the first seven months of 2017, the nearly 40 casinos won 19 percent more than they did during the same period last year. The 29 percent gain last month was the best performance so far this year.
The result also marks 12 consecutive months of gains, a remarkable turnaround for the world’s largest casino gambling market. High roller spending has helped fuel the comeback, but it’s also the industry’s move toward catering to mass market customers that has reversed fortunes. Nosebleed baccarat, at its peak, accounted for 90 percent of gaming win.
Macau’s gaming market hit a high of $45 billion in 2013.
The junket industry, which came under Beijing’s scrutiny when Macau’s gaming market was exploding, has consolidated and is healthy again, according to a report from AFP. Junkets, which are separate entities from the casinos, are tasked with lending money to wealthy gamblers. China has restrictions on money leaving the mainland.
Macau’s upswing reportedly is thanks to more so-called whales, rather than a big uptick in spending on a gambler-by-gambler basis. Macau, known as the “Las Vegas of the East”, shows no signs of slowing down.
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