Gambling revenue in the Chinese territory of Macau rose 8.5 percent in November from a year earlier to 25 billion patacas (US$3.1 billion), according to figures from the regulator, Gaming Inspection and Coordination Bureau.
The Reuters news agency reports that November marked the 28th consecutive monthly rise in revenues, and the fastest since August, despite growing macroeconomic concerns in China that have dented sentiment in the high-end VIP segment.
That beat the median analyst estimate for growth of 4 percent, but they cautioned that it’s not quite a recovery…this is the third consecutive month of single-digit growth, with September and October notching the weakest showings in more than two years.
Profits are still climbing and are forecast to hit a record next year, some analysts say, but the rate of growth is slowing as casinos face stiffer competition and emerging new hot spots in Asia.
Local operators and investors are also facing continued uncertainty arising from delays in the government timeline for casino operators to bid for licenses, and exacerbating concerns regarding the possibility of deteriorating trade relations between China and the United States.