Macau’s gaming revenues in August were up 686% year-on-year

Macau’s casino recovery maintains a steady pace, with gambling revenues in August up 686% compared to the same month in 2022. They also reached their highest level since January 2020. This confirms that spending on travel and entertainment remains strong despite fears of an economic slowdown in China.

According to the Gaming Inspection and Coordination Bureau, gross revenue reached the $2.1 billion (Rmb 201.8 billion) mark. The result beats analysts’ average estimate of 678% growth. The amount also represents 71% of the revenue figure for 2019.

Macau’s gaming industry is supported by the summer vacation season and high demand for entertainment among Chinese consumers. It is mainland Chinese residents who make up the bulk of visitors to local casinos. According to the latest official figures, 2.8 million tourists arrived in the city in July. This is 78% of the pre-pandemic level. Macau will report figures for August later this month.

Morgan Stanley analysts, including Praveen Choudhary, point out, citing operators, that casinos have not felt any impact from China’s economic slowdown. The country’s richest 1% still travel and spend money on entertainment. However, Morgan Stanley notes that gaming companies’ forecasts for September are more cautious. Revenues are typically down 9% month-on-month after surging during the summer period.

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