Macau shows a strong hand

Business | 2 Jul 2019

Macau casino revenue has grown for a second straight month - a sign the world's largest gaming hub is holding its ground even as the prolonged Sino-US trade war bites into China's economic growth.

Gross gaming revenue in June was 23.8 billion patacas (HK$23.1 billion), up 5.9 percent on the same month last year .

That topped most analysts' estimates, which were for an increase of 1.8 percent, and followed modest growth in May.

An acceleration of growth shows Macau casinos are weathering the headwinds of the tit-for-tat trade war and a slowing Chinese economy, which have chased away some of the well-heeled gamblers and ended over two years of uninterrupted revenue growth.

June's results may help ease investors' concerns about another trend - the emergence of rival regional gaming spots that can lure the VIP segment away.

Expectations remain subdued for the rest of the year as a whole, with analysts predicting a 1-percent median revenue decline.

bloomberg

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