Falling short of analysts’ expectations, gambling revenue in Macau saw only a 5.7% increase in February in spite of the Lunar New Year holiday, during which time the casino market in the Chinese territory typically sees a spike in gambling.
However, Reuters reports that the world’s largest gambling hub still managed the 19th month of consecutive gains.
Revenue for the month rose to 24.3 billion patacas (US$3.02 billion), which was reportedly the third best in the past 12 months, according to data on Thursday from Macau’s Gaming Inspection and Coordination bureau. Analysts, according to Reuters, expected revenue growth to be between 7 and 12%.
In Macau over the national holiday week, visitor numbers rose 6.5%, according to preliminary government data.
Following the Chinese government’s crackdown on corruption beginning in 2014 and slow economic growth causing five-year lows, revenues have rebounded in the former Portuguese colony. However, Thomson Reuters Datastream showed that revenues are still a far cry from 2014’s highs and are near monthly tolls in 2012.
Hong Kong-listed Galaxy Entertainment Group Limited recently released its financial results for 2017 showing significant increases in YOY adjusted net profit, as well as total gaming revenues.