Macau gaming revenue rose 1.5 percent in July, beating estimates from some analysts who predicted a little changed or lower result on declining demand from mainland Chinese gamblers and the impact of a Hong Kong typhoon.
Gaming revenue in the world’s biggest gambling hub rose to 24.6 billion patacas ($3.08 billion) from 24.2 billion patacas, a year earlier, the city’s Gaming Inspection and Coordination Bureau said in a statement today. The growth beat the expectations of analysts at Wells Fargo & Co. and Bank of America Merrill Lynch.
Sands China Ltd., the Asian unit of Sheldon Adelson’s Las Vegas company, climbed 2.2 percent to close at HK$23.45. Wynn Macau Ltd. gained 4.4 percent, SJM Holdings Ltd. rose 3.8 percent.
Cameron McKnight, an analyst at Wells Fargo, wrote in a research note to clients this week that revenue near the end of July may have been hurt by a typhoon in Hong Kong, from where ferry services operate to Macau. McKnight had predicted the revenue could be unchanged or down.
July’s growth was the slowest pace since June 2009. High-stake bettors from China’s mainland have pulled back as Asia’s largest economy has slowed. Wynn Macau last month reported a drop in revenue for the second quarter and Sands China posted a 40 percent drop in second-quarter profit after an impairment charge and lower winnings.