Macau’s gaming revenue decline slows
Macau’s gaming revenue fell less than analysts’ estimates in June as tourists and leisure gamblers helped boost the city’s casinos, including those owned by units of Las Vegas Sands and Wynn Resorts, Bloomberg reported.
Gross gaming revenue fell 8.5 percent to 15.9 billion patacas (US$2 billion), the lowest level since September 2010 and marking 25 consecutive months of declines, according to data from Macau’s Gaming Inspection and Coordination Bureau.
That followed a 9.6 percent decrease in May and compares with the median estimate of an 9.5 percent drop by seven analysts surveyed by Bloomberg.
Macau’s casino operators have been shifting focus to tourists and recreational gamblers, with Wynn Macau’s Wynn Palace project scheduled to debut on August 22 and Sands China’s Parisian expected to open in September.
The US$4.1 billion Wynn Palace will have 1,700 hotel rooms and feature a lake with gondolas and fountains, while the Parisian, costing US$2.7 billion, will showcase a half-size replica of the Eiffel Tower.
Macau has been trying to reduce its reliance on gambling, which contributes about 80 percent of the former Portuguese colony’s tax revenue. The city’s government is planning stricter rules on the industry, including raising the entry threshold for gaming promoters.