Macau casinos had a profitable weekend

Macau casino operations grew during last weekend’s Chinese New Year celebrations.

Macau.- As China celebrated a New Year this weekend, casino operations in Macau enjoyed fast growth, with the event looking to boost the region’s financial status for the upcoming months. Gaming salons and hotels in the Chinese casino hub were crowded this weekend and operators confirmed a boost in their revenues.

During the first weeks of February, casino revenue has apparently grown at an expected pace, although operations from last weekend could add further financial benefits. Furthermore, local authorities have confirmed that the gross gaming revenue in the gaming hub reached €1.7 billion during the first three weeks of January 2018 – an increase of around 21 per cent year-on-year.

Thanks to the casino industry in Macau recovering in the past few months (following a two-year financial crisis), national economic authorities have upgraded Macau’s long-term foreign-currency issuer default rating (IDR) to AA from AA-, as confirmed by the regional newspaper AGBrief this weekend.

2018 kicked off with great results in Macau, as the region’s gross gaming revenue increased 36.4 per cent in January to €2.58 billion. This figure represents the highest year-on-year improvement since 2014 (just before the regulatory crackdown in the gambling hub hit.)