Despite Typhoon damage, Macau casino revenue grows
The impact of the disruption, which prompted brokerage firms including Deutsche Bank AG and Sanford C. Bernstein & Co. to cut their gaming revenue growth forecast for August, may be a blip for an industry that’s been on a year-long recovery despite China’s efforts to curb capital flows.
Casino shares climbed ahead of the data, and generally held those gains after the numbers were released. Shares of Wynn Macau Ltd. surged 6.8 percent to HK$18.34, headed for the biggest gain since Sept. 1, 2016, as of 2:06 p.m. in Hong Kong. SJM Holdings Ltd. climbed 5.1 percent to HK$7.18, and Sands China Ltd. rose 3.9 percent to HK$36.40. The Bloomberg Intelligence Index of Macau casino sector jumped 4.6 percent, while the Hang Seng Index was little changed.
Casinos in Macau have been benefiting from an increase in overnight visitors as well as spending by high rollers. Overnight visitors to Macau rose 11% in July while same-day arrivals dropped. As tourists staying overnight spend four times more than day-trippers, it will boost revenue and profit for casino operators, according to a Bloomberg Intelligence.
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