The gambling capital of the world, and the third richest country only beaten by Luxembourg and Qatar, is reporting that China’s higher rollers are returning to the gaming tables. While there was a two-year slump with suggestions that Macau was going under, the gambling mecca has stated that the high rollers are returning and ultimately pulling Macau out of the trouble it was beginning to face. Some of the biggest junket operators have jumped more than 20 percent and VIP room operators are beginning to stop complaining about the bad market.
However this does indicate that there is a huge parallel between China’s real estate market, and Macau’s fortunes, despite the country aiming to curb capital outflows. February saw Macau’s gambling receipts rise by approximately 10% to around 21.5 billion patacas according to Bloomberg. Last quarter, casino revenue from VIPs rose 13%, and this contribution to the overall gambling revenue in Macau was rose by around 6% from July to January.
Despite the legalisation of gambling in Japan, Macau appears to be going from strength to strength. Managing partner at consultant IGamiX said: “Only the VIPs can drive a significant recovery in the gaming industry here in Macau.”
Many experts in the country believe that the VIP sector in Macau has surprised many in terms of its recovery, but the future of Macau is going to need to be focussed on a lot more than just that. The Lunar New Year holiday was one of the many things that led VIPs to return to Macau, and it’ll be interesting to see whether this will continue.
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