Bloomberg News

Macau Casino Revenue Climbs to Record on Golden Week Visitors

November 02, 2011

Nov. 2 (Bloomberg) -- Macau casino gambling revenue jumped to a record last month boosted by an increase of visitors during China’s week-long National Day holiday.

Revenue from casino companies in the former Portuguese colony rose 42 percent to 26.9 billion patacas ($3.4 billion) in October, the city’s Gaming Inspection and Coordination Bureau said in a statement yesterday. The pace rebounded from September’s 39 percent, the slowest in eight months.

“It’s not a bad performance given the high comparison base last year,” said Victor Yip, an analyst with UOB-Kay Hian Holdings Ltd. The main boost came from Chinese travelers during the so-called Golden Week holiday, he said.

Visitors to the enclave rose 13 percent from a year earlier during China’s Golden Week holiday starting Oct. 1, according to the city’s tourism bureau. Macau, handed back to China by former colonial ruler Portugal in 1999, is the only place in the world’s fastest growing major economy where casinos are legal.

Galaxy Entertainment Group Ltd. rose 0.7 percent to HK$16.26 in Hong Kong trading yesterday. Sands China Ltd. declined 0.2 percent to HK$23.85, compared with the 2.5 percent drop on the benchmark Hang Seng Index. SJM Holdings Ltd. slid 1.8 percent, and Melco International Development Ltd. fell 0.6 percent. Wynn Macau Ltd. gained 0.5 percent to HK$22.35.

--Editors: Dave McCombs, Joshua Fellman

To contact the reporter on this story: Jasmine Wang in Hong Kong at jwang513@bloomberg.net

To contact the editor responsible for this story: Neil Denslow at ndenslow@bloomberg.net


American Apparel's Future
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus