A Macau-based gaming analyst is predicting the current Chinese New Year holiday could help the Chinese casino market smash its single month record for revenues.
Union Gaming Group principal Grant Govertsen predicted this morning that when January’s gaming revenue totals are counted, it would break last October’s single month record of $3.4 billion.
The Chinese New Year celebration is the catalyst, he told the firm’s clients in a research note. Las Vegas Sands Corp., Wynn Resorts Ltd. and MGM Resorts International operate casinos in Macau.
Govertsen said VIP operators, who bring in high-end baccarat players, are expecting record gaming volumes during the month.
“Assuming hold is within the normal range, it should translate into record gross gaming revenue,” Govertsen said. “We have walked most of the major casino floors on each of the past several nights, both on the Macau Peninsula and Cotai Strip, and have seen crowds grow significantly through (Tuesday).”
Govertsen said occupancy at table games is high and the casinos have been increasing the minimum wagers and limit.
“We expect visitation to continue to grow on a sequential basis through Sunday and expect gaming volumes to similarly grow, ending January on a high note and setting the tone for the first quarter and beyond,” Govertsen said.