actors influencing the figures include the fact that Macau in November witnessed an international boxing match as well as the annual Grand Prix motor race, reports Reuters.
The revenue spike was higher than analysts had expected. A year ago, Macau collected a record $38 billion from customers. According to the most recent tally, Macau has 35 brick-and-mortar casinos, but eight more are in the pipeline. Some of the largest U.S. casino firms operate there, such as MGM Resorts International, Wynn Resorts and Las Vegas Sands.
Macau’s November was coming off a record-shattering October that saw gaming revenue of us$ 4.57 billion. The previous monthly revenue record of us$ 3.92 billion was set in March of this year.
Macau’s gross domestic product (GDP) grew 10.5 percent year-on-year in real terms in the third quarter, reaching us$ 12.6 billion at current prices, the Statistics and Census Bureau (DSEC) has announced. In the second quarter, GDP stood at us$ 12 billion at current prices.
According to a DSEC statement, the city’s economic growth in the third quarter was mainly led by an 11.9 percent real increase in exports of services, of which exports of gaming services grew 13.3 percent and exports of other tourism services rose 8.1 percent. “The tourism and gaming sector showed a satisfactory performance,” the statement said.
The implicit deflator of GDP – which measures changes in prices – increased 7.5 percent year-on-year. In the first three quarters, GDP grew 10.5 percent year-on-year. In the first quarter, GDP rose 10.8 percent. In the second quarter, it was up 10.2 percent.
Gaming revenue is simply the money that the casino industry was able to win from gamblers, at all of the properties’ games, before any applicable taxes. Macau’s huge gaming win is widely attributed to high-stakes forms of baccarat. Gambling makes about around 50 percent of Macau’s economy. Last year, Macau brought in us$ 38 billion from gamblers, and will smash that mark this year.
“The calendar comparison was favorable with one additional Saturday this year,” Union Gaming Group Principal Grant Govertsen, who is based in Macau, told investors. “There were no notable weather issues this month or in the prior-year period.” On a year-to-date basis, Macau gaming revenues are up 18.6 percent over 2012.
At the end of the first quarter of 2012 there were 35 casinos in Macau in the hands of six concession holders, 20 casinos of which were owned by Sociedade de Jogos de Macau, four by Venetian Macau, six by Galaxy Casino, three by Melco/PBL Jogos (Macau) and one each by Wynn Resorts and MGM Grand Paradise, with a total of 5,746 tables and 15,310 slot machines.