Macau gambling revenue rises for 3rd consecutive month

HONG KONG — Macau, the world’s biggest casino hub, on Tuesday posted an 8.8 percent rise in gambling revenue in October, the market’s third consecutive monthly rise, as newly opened casino resorts boosted spending in the southern Chinese territory.

It was the first time in more than two years that Macau’s gambling revenue has increased for three straight months, fueling hopes that the specially administered region of China is turning the corner after a prolonged slump.

Gambling revenue was 21.8 billion patacas ($2.73 billion), government data showed, at the top end of analyst expectations as October’s holiday week for Chinese nationals helped drive visitation.

Two new multibillion-dollar casino openings by Sands China and Wynn Macau also boosted revenue from VIP customers in the only place in China where casino gambling is legal.

Chinese high-rollers have been steering clear of the former Portuguese colony because of an anti-graft campaign by the government in Beijing, sending gaming revenues to five-year lows.

Looking ahead, analysts caution that a swift rebound remains a challenge despite new resort attractions because of slowing market growth and infrastructure bottlenecks.

The Review-Journal is owned by the family of Las Vegas Sands Corp. Chairman and CEO Sheldon Adelson. Sands China is a subsidiary of Las Vegas Sands.