Casino Revenue Tops Estimates for Macau in November
Friday 06 de December 2024 / 12:00
2 minutos de lectura
(Macau).- Macau casino stocks were up in Monday trading after the Chinese island reported positive November gaming revenue numbers. The Gaming Inspection and Coordination Bureau of Macau reported $2.3 billion in November revenue, a 14.9% increase from the same month a year ago. This topped estimated growth of 13% for China’s only jurisdiction offering legalized casino gaming.
“The monthly and cumulative revenue figures are critical for casino operators in Macau, as they provide insight into the market’s recovery trajectory and consumer spending patterns in the region,” Investing.com noted of the November figures. “Macau, often referred to as the gambling capital of the world, has a significant impact on the financial performance of companies operating within its jurisdiction.”
Revenue Surprises Industry Insiders
Despite seeing annual growth, November revenue actually dropped 11.3% from October. However, the annual increase comes at a time when the gambling houses typically see lower numbers of gamblers because there are no holidays during the month to give Chinese residents a chance to visit the island.
From January to November, the island has seen significant growth as the gaming sector continues to get closer to pre-pandemic revenue levels.
Macau revenue totals have now reached about 80% of the levels seen before COVID-19 led to extreme shutdowns throughout China, which greatly hampered the island’s gaming sector. So far through November this year, the industry has seen an overall revenue increase of 26.8% to almost $26 billion compared to the same period in 2023.
In October, Macau’s new chief executive-designate Sam Hou Fai took office in an uncontested vote and is now hoping to diversify the island’s economy to reduce the reliance on the gaming sector.
“Sam has promised to accelerate the current government’s plan to boost tourism and other sectors such as traditional Chinese medicine, finance, exhibitions and commerce,” the Associated Press reported. “However, the city will still need to rely on the gambling industry for government revenues to support the city’s welfare and accomplish other goals laid out by Beijing, analysts say.”
Categoría:Casino
Tags: Sin tags
País: Macao
Región: Asia
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