Thursday September 1,2016 : MACAU GAMBLING TURNS THE CORNER
Revenue breaks two-year downward trend with one percent August rise.
Hope has surged anew in Macau, where the latest (August) gambling stats from the regulator have shown a 1.1 percent rise in gambling revenue, the first positive monthly year-over-year growth in more than two years.
Gambling revenue was 18.8 billion patacas ($2.4 billion), government data showed on Thursday, at the top end of analysts expectations that varied from a drop of 3 percent to a 1 percent growth.
The Reuters news agency reported that August marks the first upward tick for the island gambling since May 2014, after monthly revenues plummeted to five-year lows due to slowing economic growth in the worlds second largest economy, and major anti-graft campaigns.
The regulator said that improved visitation over the summer helped bolster the mass market segment, which has become a key focus after a dearth of VIP gamblers.
However, analysts warned that a swift rebound is unlikely despite two new casino resorts opening from gambling companies owned by Steve Wynn and Sheldon Adelson.
Government data this month showed Macaus gross domestic product dropped 7.1 percent on-year in the second quarter, compared to a 13.3 percent drop in the first.