Several casinos open in Macao
June was a particularly good month for the casinos in Macao, as they recorded an increase in turnover by 25.9%, compared to the same month of last year. The turnover was recorded at 19,994 billion patacas (around 2,499 billion US dollars). This is a fantastic performance, and it confirms the continuous growth, that we also mentioned in this article.
Difficulties from June 2014
Macao has been the world capital of gambling for many years now. The local casino industry has been recording a much higher turnover than Las Vegas. However, since the introduction of an anti-corruption policy by the government of Beijing in 2014, the establishments in the enclave started facing severe difficulties. From June 2014 the casinos recorded an uninterrupted series of 26 months where revenues decreased continuously.
11 consecutive months of growth
The situation started improving from August 2016, when gross revenues rose by 1.1%, and reached 18.836 billion patacas. This marked the beginning of a return of growth, which has continued for the last 11 months. Gross revenues for the first half of 2017 amounted to 126.377 billion patacas (15.797 billion US dollar), which is an increase of 17.2%, compared to the same period of 2016.
The new strategy of the casinos in Macao seems to work. The casinos now mostly target the mass market, and not just VIP players and the big spenders. But will the growth continue in the long-term? This is something that the future will show, but experts are confident that Macau will continue to be successful.