Macau’s gambling revenue fell short of analysts’ expectations, but rose only 5.7% despite the Lunar New Year holiday. During this period, the casino market in Chinese territory is generally experiencing a surge in gambling.
However, Reuters reported that the world’s largest gambling hub is still on the rise for the 19th straight month.
Revenue rose to 24.3 billion patacas ($3.02 billion) this month, the third-best reported in the last 12 months, according to data from the Macau Game Inspection and Coordination Bureau on Thursday. Analysts expected sales growth to be between 7% and 12%, according to Reuters.
The number of weekly visitors to Macau’s national holiday increased by 6.5%, according to a preliminary report.
Slowing economic growth hits five-year low, earnings rebound from former Portuguese colony. However, the Thomson Reuters data stream showed that revenue is still far from its peak and close to monthly tolls.
SJM Holdings and Galaxy Entertainment reportedly beat analyst expectations for the fourth quarter of this week as gambling demand intensified in Macau.
Hong Kong-listed Galaxy Entertainment Group Limited recently reported financial results of a significant year-over-year increase in adjusted net income as well as gross gaming revenue.