Macau Casino Revenue Drops Less Than Estimated on Holiday Boost
- February decline was smallest on record amid 21-month slump
- Casino operators turning more to mass market to offset VIPs
The Bank of China Ltd. building, left, and the Casino Grand Lisboa, operated by SJM Holdings Ltd., stand illuminated at night in Macau, China, on Wednesday, May 20, 2015. Macau's Chief Executive Fernando Chui pledged a five-year plan to make it less dependent on casinos by diversifying the economy and transform itself into a global tourism center.
Photographer: Billy H.C. Kwok/BloombergMacau’s casino market shrank less than analysts’ estimates in February, as an increased number of tourists to the city over the Lunar New Year holiday helped ease a slump that’s lasted for almost two years.
Gross gaming revenue was 19.5 billion patacas ($2.4 billion), according to data from Macau’s Gaming Inspection and Coordination Bureau. The 0.1 percent decrease was the smallest since the downturn began, and compares with the median estimate of a 2 percent drop from six analysts surveyed by Bloomberg and the 21.4 percent decline in January.