Macau Gamblers Lose 24 Percent More In MayGambling Revenue Reaches $2.8 Billion Last Month |
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May was a spectacular month for Macau casinos, as gaming revenue of $2.8 billion was nearly 24 percent better than the amount won off of gamblers in May 2016. It was the biggest year-over-over gain for the casinos so far in 2017.
The results last month also mark 10 consecutive months of gaming win increases for the former Portuguese colony, the only place in China where gambling is legal.
According to a report from Reuters, analysts were expecting growth of 15-20 percent.
For comparison, Nevada casinos win about $1 billion a month from gamblers.
Macau’s gaming market hit a high of $45 billion in 2013, but then Beijing started restricting the ability of high rollers to get funds to gamble with. The roughly three dozen casinos won $27.9 billion last year, a 3.3 percent drop compared to 2015 but there was growth, finally, at the end of the year. It has continued well into this year.
Prior to Macau’s sudden and steep downturn, it was predicted in a Wall Street Journal report that in 2017 the casino gambling market would hit $77 billion.
Some of top Las Vegas-based casino operators—including MGM, Wynn and Las Vegas Sands—have casinos in the world’s largest casino gambling market.
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