Macau's gaming revenue surged by 686% in August compared to the previous year
According to the Gaming Inspection and Coordination Bureau, gross gaming revenue reached $2.1 billion (approximately 201.8 billion rubles). This figure exceeds analysts' average forecast of a 678% increase and represents 71% of the revenue recorded in 2019.
The gaming industry in Macau is buoyed by the summer vacation season and high demand for entertainment among Chinese consumers, with mainland residents making up the majority of visitors to local casinos. Recent official data indicates that 2.8 million tourists arrived in the city in July, which is 78% of pre-pandemic levels. Macau will release its August figures later this month.
Analysts at Morgan Stanley, including Praveen Choudhary, report that casinos have not felt the impact of the economic downturn in China. The wealthiest 1% of the population continues to travel and spend on entertainment. However, Morgan Stanley notes that gaming companies are adopting a more cautious outlook for September, as revenues typically decline by 9% month-on-month following a sharp increase during the summer.
The six casino operators in Macau have confidently rebounded from last year's COVID-related lows. In the second quarter of 2023, their combined profit reached $1.7 billion (approximately 163.4 billion rubles), which is 68% of the 2019 level.
However, the second half of the year will test the industry's resilience amid ongoing economic uncertainty in China. Other countries have resumed group tours, which may pose competition to Macau in attracting visitors.
Notably, record figures from Nevada's casinos are seen as a sign of resilience in the U.S. economy.
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