Macau gambling revenue rose 12 percent in September, below the estimates of some analysts, as Chinese visitors curbed spending amid a slowdown in the world’s second-largest economy.
Revenue in the world’s largest gambling hub rose to 23.9 billion patacas ($3 billion) from 21.2 billion patacas a year earlier, the city’s Gaming Inspection and Coordination Bureau said in a statement today.
Shares of casino companies dropped after the data, which was below the 15 percent to 20 percent growth predicted by Bank of America Merrill Lynch and the 19 percent rise forecast by Citigroup Inc. High-stake bettors have pulled back as China’s economy has weakened, hurting growth at the former Portuguese colony that counts on visitors from the mainland to drive profits.
Sands China Ltd., the Asian unit of Sheldon Adelson’s Las Vegas company, fell 3.5 percent to HK$27.40. Wynn Macau Ltd. fell 3.3 percent and SJM Holdings Ltd. dropped 3.5 percent.
Revenue in the gambling hub rose 5.5 percent in August. Gaming revenue rose 1.5 percent in July, the slowest pace since 2009, after a typhoon and a pullback by high-stake gamblers hurt spending in the territory.