Gaming

Casino revenues slip as September storm rattles city

Macau’s casino gaming revenue growth slowed in September, falling to a five-month low as revenues fell slightly to MOP14.9 billion.

Data from the Gaming Inspection, and Coordination Bureau shows gross gaming revenue soared 404.2% year-on-year, albeit from a low base. The numbers fell 13% from the previous month. Revenues were 68% of 2019 pre-Covid levels.

Last month, the government ordered the shutdown of casinos for nine hours due to Typhoon Saola – a rare shutdown as the city braced for the storm when it hoisted its highest storm signal, No. 10.

Along with amended travel plans for some would-be visitors, Typhoon Saola disrupted transportation and temporarily closed border entry points. Heavy rainfall in the week following the storm also kept bookings light.

Meanwhile, the sector expected to get a boost this month from China’s Golden Week holiday.

Analysts are expecting growth to accelerate in October, buoyed by China’s eight-day holiday that started Friday and typically sees a pick-up in travel.

According to a Bloomberg report, analysts predict gaming revenue could return to 72% of pre-pandemic levels, the highest percentage since the onset of Covid.

Citigroup Inc. analysts forecast a boost in revenue as Macau will see a major roster of events in the fourth quarter of the year, including high-profile concerts and a poolside dance party featuring former NBA all-star player Shaquille O’Neal.

Analysts expect October will record the highest post-Covid revenues, forecasting as high as MOP19 billion, driven by the National Day Golden Week.

Speaking on the sidelines of the National Day commemoration, Secretary for Economy and Finance Lei Wai Nong acknowledged the 2023 forecast has already exceeded the government’s expectation of MOP130 billion.

Categories Macau