Chinese New Year helped Macau’s casinos report their best monthly gambling revenue performance since October with the smallest drop in growth in 20 months.
GGR fell by just 0.1 per cent to US$2.4bn, marking the 21st monthly decline in succession, but falling well short of analysts’ predictions of a fall of between two to 10 per cent.
The figures were boosted by higher numbers of tourist over Chinese New Year. Tourism figures from the mainland have been on the rise for the first two months of the year up 2.6 per cent in January and 4.5 per cent in February.
David Bain, an Analyst at Sterne Agee, said: “Arrival increases bode well for Macau’s longer-term bull thesis which includes an unparalleled geographic gaming location, small mainland penetration and upcoming multi-staged infrastructure improvements.”
Union Gaming Group LLC analyst Grant Govertsen, added: “The fact that the market almost grew in February despite continued VIP woes leads us to believe mass market increased nicely year-on-year in February, which is what investors likely need to see more of.”
He predicts that Macau’s casino revenues will return to growth in July following a 13 per cent and six per cent dip in March and April.