Macau’s casinos enjoyed a solid October, with gross revenue from games of fortune in the region climbing by 8.8% to 21.8bn patacas.
October’s return represents the third month of growth in a row, with Macau’s recovery gaining momentum following on from a 26 month period of consecutive year-on-year declines.
China’s Golden Week holiday at the beginning of the month will have contributed to the higher than expected revenue increase for October, with 970,000 tourists arriving from the Chinese mainland, the highest number for at least ten years.
The openings of Wynn Palace and The Parisian, in August and September respectively, have also boosted the peninsula’s revenue.
Desmond Lam, Associate Professor in Hospitality and Gaming Management at the University of Macau, told Gambling Insider: “They add an exciting new element to the market.
“Parisian, in particular, is an important addition to the Cotai Strip and, I believe, has revitalised the neighbouring Macao Studio City.”
Richard Huang, a Research Analyst at Nomura International, was quoted by Bloomberg as saying: “The strong beat of the monthly gaming revenue is very likely due to the strong performance of both the mass market and the VIP business, and it will improve market sentiment.”