Macau Posts Gross Game Revenue

In Macau, February reportedly saw monthly aggregate gross gaming revenue significantly exceed previous predictions from some industry analysts and record a seventh straight increase for $ 28.8 billion.

According to a report Wednesday from GGRAsia citing official from the Gaming Inspection and Coordination Bureau regulators, the latest tally for the 28-day period represents a 17.8% year-on-year increase and takes the picture for the takeover of the former Portuguese pocket of top 30 casinos to the highest level since January 2015 when combined gross gaming revenue hit $ 29.8 billion.

After suffering through a 26 month year-on-year decline, Macau casinos saw their aggregate gross gaming revenue for August increase by 1.1% year-on-year while a reported 7.4% swell for September before October’s figure rose by 8.8%. These were all outpaced in November by a 14.4% boost to around $ 2.4 billion before the December figures grew by 8% to hit nearly $ 2.5 billion. For January, the takeover totaled more than $ 2.4 billion which was an advance of 3.1%, and led to the government raking in some $ 913.26 million in taxes.

GGRAsia explained that several industry analysts had previously predicted that Macau’s aggregate gross gaming revenue for February would increase by 5% to 9% year-on-year while the figure through the first two months of this year now stands at $ 52.8 billion, which is a 10.6% expansion. from 2016.

Analysts Vitaly Umansky, Zhen Gong and Yang Xie of brokerage Sanford C. Bernstein Limited reported that February’s gains were followed “strong in what was a disappointing January” and that the strong performance of the VIP sector was “somewhat helped by high holds”.

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“VIP growth may have tended to show mid-20% year-on-year growth,” said the analysts’ statement. “The last week of the month was assisted by several marketing banquet events including a SunCity Group birthday party, which a significant increase in VIP players and agents.”

November saw Fernando Chui Sai On, Chief Executive for Macau, use his annual policy address to predict that total gross gaming revenue for 2017 will hit more than the same $ 25 billion forecast for the previous year. GGRAsia reports that the latest estimate proved to be about 12% lower than the actual annual figure, which finally finished at $ 27.91 billion.