Macau Daily Times (3 October) reports that Macau’s casino revenue was stronger than expected last month following disruptions caused by typhoons in August, providing momentum as the world’s largest gambling hub enters the Golden Week holidays.
Gross gaming receipts rose 16 percent to 21.4 billion patacas (USD2.7 billion) in September, according to data released by Macau’s Gaming Inspection and Coordination Bureau on Sunday. It was the 14th consecutive month of expansion, and compares with the median estimate for a 14 percent increase in a Bloomberg survey of nine analysts. Gaming revenue climbed 20 percent in August from a year earlier.
Golden Week, which started Sunday, has the potential to generate more revenue than last year. Wynn Macau Ltd. has said it expects a “very strong Golden Week” with its two properties, Wynn Macau and Wynn Palace, fully booked through the period. Parent company Wynn Resorts Ltd.’s shares on Friday closed at the highest level in more than a year after UBS analyst Robin Farley raised her price target to $174 from $149, citing strength in Macau’s high- end gaming.