Macau posts record gambling revenue for October
While under-21s are now barred from Macau's casinos, this will not end gaming addiction among young people, counsellor says
Gambling revenue in Macau rose 3.2 per cent last month year on year to a record high, buoyed by an eight-day National Day holiday during which mainland gamblers flocked to bet in the world's largest casino hub.
October's revenue of 27.7 billion patacas was the strongest monthly figure in Macau's history, though the pace of growth was actually the second lowest for the year and slightly higher than the 1.5 per cent growth in July. The former record of 26.85 billion patacas was set in October last year.
"The opening of new projects this year, strong mass-market revenue growth, casinos' improvement in table efficiency all speak to the record gaming revenue," said Chelsey Tam, an analyst at financial services firm Emperor Securities.
Aaron Fischer, head of consumer and gaming research with CLSA, said the monthly growth is slightly above his expectations. "We expected 2 per cent growth."
"The fact that October was an all-time record should dispel any panic," Fischer said.
Macau has been plagued by concerns this year that a slowing in the mainland economy will drag down the island's revenues.