Macau Gaming Win Up For Second Straight MonthCasinos Report Winnings Of $2.3 Billion |
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Macau casinos had combined September gaming revenue of $2.3 billion, which was a 7.4-percent increase compared to a year ago, according to figures released by the local government.
Macau’s casino industry finally put an end to a 26-month-long slump in gaming revenue in August, when revenue rose 1.1 percent to $2.4 billion.
According to a report from Forbes, VIP play increased about five percent year-over-year in September.
September’s performance can be largely credited to billionaire Las Vegas-based casino tycoon Sheldon Adelson opening his new $2.9 billion casino in Macau on Sept. 13.
The Parisian Macau’s opening followed the $4 billion Wynn Palace opening in August. A $3 billion casino from MGM will open next year. Two new casinos opened in Macau last year—one from Melco Crown Entertainment and one from Galaxy Entertainment Group.
Macau had a record $45.2 billion in gaming revenue in 2013, a figure which fell to roughly $29 billion last year. Macau’s gambling market is still nearly three times as large as Nevada’s.
Macau’s casino industry contraction was due to the Chinese economy slowing and the Chinese government deciding to crack down on corruption within the city’s junket industry, which lends money to high rollers. As the casinos shift away from the high roller, they are putting more of a focus on the recreational gambler and tourist.
According to Bloomberg, a top Macau official said recently, “Macau’s gaming industry and the whole economy will continue to adjust, but the decline may shrink to 7.2 percent this year and even resume growth in 2017."
Roughly two thirds of the city’s economic activity is from casino gambling.
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