Macau Casino Revenue Up 12.3% To $3bn In September

Macau Casino Revenue Up 12.3% To $3bn In SeptemberMacau has just released its gambling figures for September 2012, revealing a 12.3% increase in revenue to 23.87 billion patacas(US$2.99 billion) compared to 21.2 billion patacas ($2.65 billion) for the same month last year.
In 2011, September’s figure represented a 39% increase over that of 2010, and although Macau’s latest monthly result was expected to be lower in comparison, the 12.3% increase was still greeted with disappointment as analysts had forecast September’s growth to be up to 17%. Instead, September proved to be the second weakest revenue figure recorded for the whole of this year.
Back in 2011, Macau recorded a 42% increase in its overall gambling revenue compare to 2010. So far for the first 9 months of 2012, total gross gaming revenue are currently up by just 14.9% compared to the same period last year, adding further to concerns over a slowdown in the Chinese economy.
As a result of September’s lackluster revenue figure, the share price of casino companies dropped, including Sands China Ltd. down 3.5% to HK$27.40; Wynn Macau Ltd. down 3.3% and SJM Holdings Ltd. down 3.5%. Commenting on the fall in share price’s, UOB Kay Hian analyst Victor Yip, said: “There could be some profit-taking in the short term unless there is anything positive happening on the policy side.”
Over the past five months particularly, Macau’s gambling revenue growth has fallen substantially as China‚Äôs economy has weakened compelling Chinese billionaire high-stakes gamblers to reign in their big-spending, with a knock-on effect being felt by the enclave’s casinos. Consequently, Fitch Ratings has now revised their growth forecast for the whole of 2012 downwards to 12%, while a further slowdown to 8% is expected for 2013.
In 2007, the former Portuguese colony of Macau overtook the Las Vegas Strip as the world’s biggest gambling destination and in 2011 generated more than five times the revenue of its nearest rival. Known as the “Monte Carlo of the Orient,” Macau is currently the only place in China where casino gambling is permitted.

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