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Macau Unaffected by Slower Growth in February
- March 16, 2018 By Riley Wilson -
Macau recorded an unexpected stagnation of growth during February, but nevertheless, the period after Chinese New Year held a steady return with the 19th consecutive month of gains at a rate of 5.7%.
Macau Gaming Inspection and Coordination Bureau announced the monthly revenue has reached a staggering $3 billion, which is the third biggest one recorded over the past year in the world’s biggest gambling hub.
A 5.7% drop was an unexpected result, as the initial reports estimated it would be between 7% and 12%. The National Holiday week was exempt, with an increase of 6.5%.
The poor economic situation and widespread corruption have contributed to a slower growth over the past five years, while the current figures clearly indicate the market is beginning to show the signs of recovery.
The great support comes from the private sector and companies such as SJM Holdings and Galaxy Entertainment, with February bringing more good news with the opening of MGM China casino resort worth $3.4 billion.
Additional Rise In Revenue Expected
The IR trend is another sign of growth, recording an increase in visitors of almost 10% in 2017. More and more people are coming to the resort in recent months to enjoy not only casinos but diverse leisure activities in the region’s luxury facilities.
According to predictions made by Praveen Choudhary of Morgan Stanley, the gross gaming revenue will reach $60 billion by 2022. These figures are based on more patronage and sponsorship from other lower-tier cities in China, but also on the increasing number of visitors, as well as on the rise in the number of fast train lanes and the new bridge which will connect Macau and the neighboring Zhuhai with Hong Kong.
Given that gambling revenue in Macau reached $33 billion in the last year, China is seriously considering legalizing gambling in the island of Zhuhai, since the former Portuguese colony is currently the only place in China where gambling is legal.
Macau, officially the Special Administrative Region of the People’s Republic of China, is an autonomous territory in China, which lies about 64 kilometers from Hong Kong.