After 26 straight months of decline, Macau has finally recorded its first growth.
The world’s biggest casino hub saw its gross gaming revenue eke a 1.1 percent growth in August to reach MOP18.8 billion (USD2.4 billion)—the first upward tick for the former Portuguese enclave since May 2014, when its monthly revenues plummeted to five-year lows due to slow economic growth and Beijing’s crackdown on corruption.
Macau’s August performance beat the analysts’ prediction of 1.5 percent drop, thanks to the opening of Steve Wynn’s $4 billion Wynn Palace resort in Cotai.
“All of our conversations with the Big 6 operators have suggested that August trends were good, especially at the mass market level. However, we believe the growth in GGR was likely attributable to some number of high-end players coming to Wynn Palace,” Union Gaming analyst Grant Govertsen said in a note.