Macau’s gaming industry is showing signs of recovery following a downturn over the past two years amid China’s economic slowdown and anti-graft drive.
Official released Monday showed the city’s gaming revenue was up 1.8 percent on month-on-month basis in January, though it was still down a hefty 21.4 percent compared to the year-ago level.
According to Macau’s Gaming Inspection and Coordination Bureau, gambling revenues last month totaled 18.67 billion pataca (US$2.33 billion).
It marked the second consecutive rise on month-on-month basis, and beat market expectations, though on a year-on-year basis the revenues were down for the 20th straight month.
Francis Lui Yiu-tung, deputy chairman of Galaxy Entertainment Group (00027.HK), believes the industry has passed its trough, the Hong Kong Economic Journal reported.
Revenues could show an upswing on year-on-year basis in February, Lui was quoted as saying.
According to Union Gaming analyst Grant Govertsen, Macau’s gaming revenue could reach 20 billion pataca for the month of February, representing 2 percent expansion from a year ago.
Nomura Holdings, meanwhile, has forecast a flat trend or a mild growth this month for Macau’s gaming revenue.
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