Macau Casinos See Best Month In Nearly Two Years
Gaming Revenue Falls Less Than 1 Percent Year-Over-Year
The three dozen casinos in Macau reported gaming revenue of $2.4 billion in February, a figure that was nearly unchanged from a year ago, the city’s government said Tuesday.
According to a report from the Las Vegas Review-Journal, the dip of less than one percent year-over-over is the strongest performance for the casinos in 21 months. Gaming win fell by more than 21 percent in January, which was the 20th straight month that gaming win declined year-over-year.
The city’s gaming revenue fell 34 percent year-over-year to $29 billion in 2015. It was the second straight year of less gaming revenue than the year before. Macau had a record $45.2 billion in gaming revenue in 2013. Macau gaming revenue has been predicted to fall by another eight percent in 2016, according to a report from Bloomberg, though February’s performance could bode well for 2016. February did have an extra day due to the leap year.
When gaming win fell 28.4 percent year-over-year this past October it was was then the first month since January 2015 when gaming revenue fell less than 30 percent.
The February performance is good news for casino operators MGM Resorts International and Wynn Resorts. Both firms are in the middle of casino projects in the former Portuguese colony and have each experienced construction delays.
MGM said last month that its new $3 billion casino in Macau won’t be opening this year, while Wynn said in November that its new casino will open in July, rather than in March.
Two new casinos opened in Macau last year—one from Melco Crown Entertainment and one from Galaxy Entertainment Group. Collectively, $20 billion has been invested into Macau by major casino operators despite the recent downturn.
Additionally, Las Vegas Sands said it will open its new casino there in September.
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