From Reuters – Macau’s gambling revenues defied China’s economic slowdown and rose 20 percent in July year-on-year, boosted by an increase in the number of Chinese visitors to the country’s only legal casino gambling hub as well as the size of their bets.
July’s 29.5 billion patacas ($3.7 billion) revenue was the third strongest figure this year, according to government data released on Thursday, as more middle-class gamblers visited Macau, eclipsing the growth in the number of high-rollers.
Analysts had forecast July growth in the world’s biggest gambling market to rise between 18-21 percent.
The slowdown in China’s economic growth has kept away some wealthy customers, who often spend 1 million yuan ($160,000) per bet, but it failed to dull Macau’s appeal for China’s rapidly expanding middle-class and their higher disposable incomes, analysts said.
Infrastructure projects currently in the works, including an expansion of high-speed railway links to Chinese cities and a bridge to Hong Kong and Zhuhai, are also likely to increase the number of middle-class visitors in the next few years.
The number of visitors to the former Portuguese colony rose 4.2 percent during the first half of the year, helping to boost the coffers of operators such as Sheldon Adelson’s Sands China which reported strong second quarter earnings last week.
Visitors from mainland China, who account for two thirds of the total numbers, soared 20 percent in June year-on-year.
