Macau gaming revenue soared 40% to a new monthly record in February on the strength of a flood of mainland Chinese visitors to the world’s largest gambling hub during Chinese New Year.
Revenue hit MOP38 billion (US$4.8 billion), beating the MOP36 billion median forecast by seven analysts polled by Bloomberg News.
The previous record was MOP36.5 billion set last October.
It’s estimated that more than 1 million people visited the city, the only legal casino market in China, over the New Year holiday, which ran from 31st January to 6th February. More than 770,000 came from mainland China, an increase of 23% over a year earlier, according to the Macau Government Tourist Office.
“Clearly, it’s evidence that there’s still pent-up demand to play from mainland customers,” Standard Chartered investment analyst Philip Tulk, based in Hong Kong.“Macau’s becoming a more accessible and realistic spot for visitation.”
Revenue is up 24% through the first two months of the year to MOP66.7 billion ($8.33 billion), but the pace could begin to slow on tougher year-on-year comps.
“Growth in March will slow due to the higher base,” said Aaron Fischer, a Hong Kong-based analyst at CLSA. “The full-year outlook remains very positive, especially for the higher-margin mass-market segment.”
The city’s six casino operators took in US$45.2 billion last year, about seven times that of the Las Vegas Strip.
