Macau Casino Revenue Up 42% To $3.36 Billion In October 2011

On Tuesday, The Macau Gaming Inspection and Coordination Bureau released their gaming figures for October revealing a record month for the Chinese enclave, in which its revenue soared by an incredible 42.3% to $3.36 billion (26.9 billion patacas) compared to the same month last year.
The single-month record beat the previous one set in August ($3.09 billion) by almost 8% and putting the figure into perspective, Macau’s 34 casinos generated over half the amount that Las Vegas is expected to make for the whole of the year
The world’s largest gaming resort since 2006,  Macau lies just one hour from Hong Kong by ferry, and is China’s only legal casino gambling destination. It also enjoys around 3 million visitors each month, which were further boosted in October by China’s “golden week” holidays.
These celebration helped Macau record a 13% increase in visitor numbers from a year earlier, as people flocked to Macau’s 34 casinos run by its six licensed operators. Overall, October’s total revenue figures were divided up as follows; SJM Holdings (26%), Galaxy Entertainment Group (24%), Sands China (15%), Melco Crown Entertainment (14%), Wynn Macau (13%), and MGM Macau (8%).
Macau’s casinos have now posted a 45% increase in revenue compared to the same 10 months last year, confounding reports of an economic slowdown in the region by Chinese media. As analyst Steven Wieczynski of Stifel Nicolaus Capital Markets commented:
“The results continue to reflect a widening disconnect between mainstream media reports and what operators are actually experiencing on the ground.”
Nevertheless, analysts are still predicting a slowdown in future growth, in part due to a high comparison base. As global rating agency Fitch stated:
“Fitch continues to believe that the Macau market will grow solidly, albeit at a decelerating rate, moving into 2012. Fitch’s 2012 base case forecast assumes that revenue will grow by 20 percent or more again next year.”

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