Macau gaming revenue only up 3.1% in January
Macau’s gross gaming revenue grew only 3.1% in January to $2.4bn.
Although casino revenue increased, extending the industry’s recovery to a sixth consecutive month, it still fell short of the median 8.5% growth polled by Bloomberg.
Wynn Macau led the decline, down 2.5%, Galaxy Entertainment fell 2.3%, SJM Holdings dropped 2.4%, Sands China declined 1.3% and MGM China was down 1.6%.
With Deutsche Bank reporting last week that major hotels at Macau’s new Cotai strip were fully booked this would explain the continued growth for Macau. However, it seems that Chinese visitors were mainly visiting to go sightseeing instead of gambling.
The industry reinvented itself by adding more family-friendly resorts and attractions in a bit to draw recreational spenders and casual gamblers.
“We’re looking for strong hotel bookings with rooms filled with more high-value customers than we’ve seen in recent history, which should lead to very strong Chinese New Year gross gaming revenue,” says Macau-based Union Gaming Group analyst Grant Govertson.
Adding: “Casino operators are bullish about their VIP and premium mass market businesses for the upcoming holiday period.”
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