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29 March 2024

Macau gambling revenue jumps 39% in Sept

Published
By AFP

Macau's gambling revenue jumped 39 percent in September, official data showed Tuesday, reflecting continued growth in the world's largest gambling market despite plunging casino stocks.

Gambling revenue touched 21.24 billion patacas (ê2.65 billion) in September, up from 15.30 billion patacas a year earlier, according to data released by Macau's Gaming Inspection and Coordination Bureau.

Revenues in the January-September period grew 46 percent from a year earlier to 194.35 billion patacas.

The growth, which is in line with analyst forecasts, comes despite plummeting Hong Kong-listed casino stocks amid fears over a slowdown in China's economy.

Shares of the leading SJM Holdings -- Macau's largest casino operator controlled by tycoon Stanley Ho -- slumped nearly 26 percent Monday. The stock rebounded and closed up 2.1 percent Tuesday.

The weakening sentiment about China's economic prospects has triggered fears of a credit squeeze in the country which would affect mainland Chinese high-rollers who have fuelled Macau's rise.

Macau's gambling revenue soared 57 percent in August to a record high, with figures boosted by wealthy Chinese gamblers who continued to flood into the former Portuguese colony, which has six licensed casino operators.

Since the city's gaming sector was opened up to foreign competition in 2002, Macau has leapfrogged Las Vegas in gaming revenue and continues to post record-breaking growth.

Asia's strong growth in the gaming industry stands in sharp contrast to US venues such as the Las Vegas Strip, previously a byword for gambling but which is now suffering the effects of the global downturn.

Macau, which was handed back to China in 1999, is the only Chinese city where casino gambling is allowed.