Macau gambling profits see biggest increase in four years
Macau, known to many as the gambling capital of the world, has seen its gaming revenue experience the biggest rise in four years.
Macau has been a gambling hotspot since the 1850s since the practise was legal there when it was a Portuguese colony, and this has continued after it became part of China’s special administrative region in 1999.
Gambling profits took a hit in 2014 due to a government crackdown on corruption. However in 2017, recovery began to increase steadily.
Casino turnover reportedly rose by more than a third year-on-year this January, with gross gambling receipts increasing 36.4% to $3.3bn, according to figures from Macau’s Gaming Inspection and Coordination Bureau.
Reuters has stated the increase is “far ahead of analysts’ expectations for 20-28% growth”.
The Financial Times has listed casino operators Sands China and Galaxy Entertainment to have been top performers this year, as they rose on the Hang Seng index 1.2% and 1.7% respectively.