Macau Casinos Up 10.6% To $3.92bn In April

Macau Casinos Up 10.6% To $3.92bn In AprilThe world’s largest gambling destination of Macau has released its casino figures for April, revealing a 10.6% increase in revenues to MOP31.3 billion (US $3.92bn), compared to the MOP28.3 billion ($3.54 bn) taken in the same month last year.
The latest results beat initial analyst estimates of around 8% growth for April, and for the first quarter of 2014, total casino revenues are now up by an impressive 17.5% to MOP133.5 billion, compared to Q1 2013. As a result, casino revenues are squarely on track to beat the record $45 billion generated by the enclave for the whole of last year.
Commenting on Macau’s April figures, a Union Gaming Research report explained that “the VIP segment appears to remain healthy while the mass market remains exceptionally strong.”
In the past, high-rollers from the mainland have helped drive the whole of the enclave’s casino industry and made up around 80% of total gambling revenues. The last year, however, has seen China’s rising middle classes play a greater role in Macau’s development as a gambling hub, with this segment now accounting for around a third of all casino revenues.
Macau continues to see its casino industry expand since overtaking Las Vegas as the world biggest gambling hub back in 2006 and last month, its revenue tally was around four times bigger than the $982 million generated by the whole of Nevada during the same month. Fortunately, however, US gaming operators have also invested heavily in Macau and in April Sands China reported a 49.8% increase in ebitda to US$938.1 million, while Wynn Macau, too, saw its ebitda improve by 14% to $384.3 million.
Following April’s casino revenue results being announced, casino stocks rallied with Wynn Macau up 4.1% to HK$31.80, and Sands China shares rising to 57.10, almost double its 52 week trough of 33.50.
Looking ahead, a Barclays report said; “We currently expect 20 per cent year-on-year growth for May and maintain our 16 per cent gross revenue growth forecast for the year.”

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