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Macau casinos hit 14 month revenue gain ahead of golden week boom
October 1, 2017 / 6:52 AM / 2 months ago

Macau casinos hit 14 month revenue gain ahead of golden week boom

HONG KONG, Oct 1 (Reuters) - Casinos in the world’s biggest casino hub of Macau extended a 14 month winning streak in September with revenue up 16.1 percent, priming for a bumper national holiday week which is expected to see strong visitor traffic in the southern Chinese territory.

Macau, a former Portuguese colony and now special administrative region, is the only place in the country where casino gambling is legal. Government data on Sunday showed monthly gambling revenue was 21.4 billion patacas ($2.66 billion) in September, within analyst expectations of growth between 11-17 percent.

September saw the tail end impact from two typhoons in August which caused massive destruction and unprecedented flooding.

Many casinos had shuttered for several days and had problems accessing fresh water and power but big resorts on Macau’s Las Vegas style Cotai strip were left relatively unscathed.

Macau’s government this week will release a 15-year plan to boost tourism with key objectives including rebranding Macau into a multi-day destination and managing local tourism capacity.

Typically during national holidays, Macau’s tiny peninsula and adjoining islands are inundated with swarms of visitors putting pressure on creaking infrastructure and transport.

Casino executives have said that hotels are fully booked for the official holiday period which runs from October 1-8. ($1 = 8.0380 patacas) (Reporting by Farah Master; Editing by James Pomfret)

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