Macau Casinos See Revenue Slip During JuneMarket Still Saw Major Gains In First Half Of 2024 |
|
Despite recently seeing a rebound in the number of gamblers heading to Macau, gaming revenue slipped in June to an eight-month low.
The island reported gaming revenue of $2.2 billion in June, falling to the lowest total reported since November.
China’s only legalized casino jurisdiction has seen a major bounce back since COVID restrictions were lifted last year as more gamblers make their way to the island. But the June total was a significant fall for May, dropping 14.1%. Compared to last June, this year’s revenue total is off 16%. However, May also included the Labour Day Golden Week holiday, which may have fueled even higher gaming revenue.
Despite that, many expected the numbers to be much higher than experienced in June.
“June, according to analysts, is traditionally the weakest month for gaming in Macau,” iGamingBusiness.com reported. “However, there was still a consensus that revenue would rise at least 17.5% year-on-year for the month.”
Overall, Macau continues to see overall revenue growth. For the first six months of the year, the island reported casino revenues of $14.1 billion, up 41.9% compared to the same period in 2023, which saw revenue of about $10 billion.
Later this month, Macau casino corporations are expected to begin releasing financial results for the first of 2024. Many in the industry expect companies like Las Vegas Sands, Melco, SJM, and Wynn to report solid gains after several months of growth for the industry on the island.
The world’s other leading casino destination, Las Vegas, also continues to see major revenue gains. Sin City saw major growth in May, with the Strip bringing in $742.5 million, rising 3.7% from $715.9 million during the same month last year.
Copyright © 2001-2024
CardPlayer.com. All rights reserved.
