Gambling is thriving in the Chinese territory of Macau, according to the latest figures, which show a significant rise in revenue in 2018. Revenue grew by 14 percent in 2018, marking a second successive year of growth, as Macau continues to recover from a slump.
Figures released on Tuesday by the Gaming Inspection and Coordination Bureau showed that December 2018 was the 29th month in a row in which revenue was higher than the previous year. The increase in December amounted to 16.6 percent to a level of $3.3 billion, significantly higher than analysts had predicted, while the yearly total was $37.6 billion.
The bounce back in revenue follows a period of decline that was associated with the Chinese government’s crackdown against high spending on the part of senior officials.
There are clouds on the horizon for the Macau gambling industry. The trade war between the US and China, along with a slowing Chinese economy, could affect VIP gambling customers in 2019.
But casino companies operating in the territory will be hoping that these potentially negative effects are outweighed by the benefits of the newly opened sea-crossing bridge and tunnel that links Macau to both Hong Kong and the Pearl River Delta in mainland China. It is also hoped that the bridge will boost the convention and exhibition sector in the territory, at a time when authorities in Macau have been urging casino operators to diversify.
Image sourced from Pixabay.