Gambling revenues in Macau surged in January, posting the largest year on year increase in almost four years.
Gambling revenues increased 36.4 per cent year on year in January to 26.26 billion patacas (US$3.26 billion), according to the Gaming Inspection and Coordination Bureau.
Strong month-on-month growth and a string of 17 consecutive monthly gains indicate a roaring recovery at the world’s biggest casino hub, after revenue crashed to five-year lows in 2014.
In 2017, the former Portuguese colony posted its first annual revenue gain in three years.
Macau’s casinos gaming revenue in 2017 grew by 19.1 percent to MOP265.74 billion (US$33.02 billion).
In 2016 the gaming revenue was MOP223.21 billion (US$27.88).
Earnings from Wynn Macau and Sands China were better than forecasts in the fourth quarter, with both seeing strong on-the-ground trends in the special administrative region of Macau.
The other four listed concessionaires – MGM China, Melco Resorts, Galaxy Entertainment and SJM Holdings – will post earnings in the coming weeks.
Despite the bounceback, Macau’s gambling revenues still remain off 2014 highs, hovering around 2012’s monthly levels.
MGM China, which was due to open on Jan. 29, has delayed its plan and is aiming to open in February, it said last week.
The company has been granted 125 gaming tables, slightly lower than market expectations of 150 that were allocated to Wynn and Sands’ new casinos.