Macau Casino Revenue Up 7.3% To $3.3 Billion In May

Macau Casino Revenue Up 7.3% To $3.3 Billion In MayDespite Macau generating the second highest total revenue for a single month at $3.26 billion, May bucked an almost three year trend by posting a monthly increase that didn’t reach double-digits.
According to the Macau Gaming Inspection and Coordination Bureau, May’s growth rate reached 7.3% contrasted with the 42% it achieved during the same period in 2011. The latest results appear to further confirm analysts predictions of a slow down in Macau’s gambling industry, with gaming analyst Brian McGill from Janney Montgomery Scott, commenting:
“When we go back now as far as March, the market has essentially disappointed. There are still not many who believe that Macau could possibly have a second half of 2012 that comes in lower than the first half.”
China’s only gambling resort has been experiencing a boom over the past couple of years, aided by Chinese big businessmen benefiting from escalating property prices and increased liquidity. These high rollers account for around 70% of the enclaves gross gambling revenue which last year reached $33.5 billion.
Recently, however, China’s economy has shown signs of cooling down along with a weak stock market and falling property prices leading to more subdued VIP wagering. Commenting on the situation,  Credit Suise analyst Gabriel Chan, said:
“The VIP slowdown is more severe than expected but we need to wait until around the fourth quarter for an easier year on year comparison. Loosening in China will also help VIP but between now and then, hang on tight.”
Despite the news of Macau’s single digit growth being received with disappointment by the market, it is worth noting that for the first 5 months of 2012 gaming revenues are currently up 21% on last years’ figures over the same period. Giving a balanced perspective on the situation, gaming analyst Steven Wieczynski from Stifel Nicolaus Capital Markets, stated:
“As with most things in life, investment related or otherwise, things tend to run in cycles. As it pertains to Macau, we believe it is inconceivable to think 40 percent to 50 percent growth could continue in perpetuity.”

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