Gambling revenue in Macau rose 21.1 per cent in June year on year, buoyed by a steady flow of wealthy mainland gamblers eager to place their bets in the Chinese controlled casino hub.
June revenue stood at 28.3 billion patacas (US$3.54 billion), according to government data released on Monday. Analysts had forecast June growth in the world’s biggest gambling market, to be up 18-21 per cent.
Macau is the only place where Chinese people can legally gamble at casinos in the country. Home to half a million people, Macau depends on high spending VIP gamblers, or ‘whales’, who spend 1 million yuan (US$160,700) during their visit as well as the fast growing base of ‘mass market’ Chinese visitors.
A Portuguese colony until 1999, Macau’s gambling revenues are closely twinned with China’s economy, with over two thirds of tourists coming from the mainland.
With China’s economic growth widely expected to slow further in the current quarter as exporters struggle with weak global markets, the high end VIP segment – which accounts for 70 per cent of gaming revenue – may face pressure, said analysts.
The number of mass market visitors continues to show solid growth.