The over 35 casinos in Macau had a great June after seemingly weathering an ever-slowing Chinese economy and associated high-roller timidity to post a 5.9% increase year-on-year in aggregated gross gaming revenues to approximately $2.96 billion.
The figures from the enclave’s Gaming Inspection and Coordination Bureau signify only the third year-on-year monthly improvement since the start of 2019 following February’s 4.4% rise and the 1.8% swell seen in May and means that the city’s casino industry has now amassed six-month aggregated gross gaming revenues of $18.59 billion, although this represents a comparable decline of 0.47%.
The Bloomberg news service reported that the June figures moreover helped to boost investor confidence with the median value of shares in the city’s six casino operators growing by as much as 7% in early Hong Kong trading. This resurgence was purportedly led by Galaxy Entertainment Group Limited, which is responsible for the giant Galaxy Macau facility, as it witnessed an 8.3% rise in the individual value of its shares to about $7.30.
Similarly, the value of shares in MGM China Holdings Limited, which runs the MGM Macau and MGM Cotai venues, grew by as much as 7.5% earlier today while the Sands China Limited subsidiary of Las Vegas Sands Corporation experienced an even greater bump of 7.9%.
DS Kim, Executive Director for the local office of financial services giant JP Morgan, reportedly told Bloomberg that Macau’s mass-market gaming segment is continuing to show robust development with no signs of ‘growth fatigue’ despite the turbulence caused by the recent raft of political protests taking place in neighboring Hong Kong.
“VIP demand finally seems to be stabilizing.”