Macau Extends Winning Streak To 22 MonthsCasinos Win More Than $3B From Gamblers |
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Macau’s upswing is approaching two full years.
The local government said that gross gaming revenue for the city’s casinos was $3.1 billion in May, an increase of 12.1 percent year-over-year. However, according to Reuters, the industry expected gaming win to rise between 16 and 20 percent.
The Gaming Inspection and Coordination Bureau data did mark the 22nd consecutive month that gaming revenue has grown in a year-over-year comparison. The former Portuguese colony experienced a massive reduction in its gaming revenues starting in 2014, thanks to a crackdown from officials in Beijing.
Casino stocks slid slightly on the news that May’s result was not as spectacular as anticipated.
Through the first five months of 2018, the casinos won 20 percent more off of gamblers than they did during the same period in 2017.
How important is gambling to Macau’s tourism industry? The casinos won $3.1 billion last month, while casino visitors spent about $2 billion on non-gambling products, services and amenities in the first three months of the year, per a report from Forbes. Answer: extremely important.
However, part of Beijing’s crackdown several years ago was aimed at making the industry rely less on gambling for its fortunes. The $2 billion in non-gambling spend from the first quarter of 2018 was an uptick of 12 percent year-over-year. In other words, Macau’s casino industry is slowly becoming more diversified, just what Chinese officials wanted.
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