Macau Sept Gambling Revenue Rises 39% On Year To MOP21.24 Billion

Date : 10/04/2011 @ 3:38AM
Source : Dow Jones News
Stock : Mgm Resorts International (MGM)
Quote : 30.71  -0.3 (-0.97%) @ 4:14PM

Macau Sept Gambling Revenue Rises 39% On Year To MOP21.24 Billion

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Gambling revenue in Macau rose 39% in September from a year earlier, government statistics showed Tuesday, as high rollers from mainland China continued to fuel growth despite heightening investor fears that China's tightening measures will slash business.

Gambling revenue in the Chinese territory rose to MOP21.24 billion (US$2.65 billion) last month, up from MOP15.30 billion a year earlier, according to data from Macau's Gaming Inspection and Coordination Bureau. Analysts said the figure would have been even higher had it not been for a typhoon that hit the area Thursday.

The solid growth comes despite sharp declines in global financial markets sparked by Standard & Poor's downgrade of U.S. sovereign debt in early August. Hong Kong's benchmark Hang Seng Index tumbled 14% in the month of September, and shares of Macau casino operators have plummeted in recent trade with the territory's largest operator by revenue, SJM Holdings Ltd. (0880.HK), dropping 26% Monday alone.

Macau overtook the Las Vegas Strip as the world's biggest gambling market in 2006 and is poised to rake in over five times the Strip's gambling revenue this year, with analysts and casino executives saying it is business as usual in the booming territory.

In the January-September period, Macau's gambling revenue rose 46% from a year earlier, adding to a 58% surge in 2010.

-By Kate O'Keeffe, Dow Jones Newswires; 852-2802-7002; kathryn.okeeffe@dowjones.com




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