BUSINESS

Macau officially still booming, 22.3% increase in revenues for February

TAGs: imports exports figures, Macau, revenues, SJM Holdings, tatistics and Census Service

MacauIt was speculated yesterday, but today it’s been made official. Macau’s casinos made 24.29 billion in Macau Pataca last month (February), which translates to approximately $3 billion US dollars. These official figures released today demonstrate that’s a 22.3% increase when compared to the same month in 2011.

A report by Macau Business maintains this impressive result was actually a sharp fall from the 34.8% year-on-year increase recorded in January this year, but this was due to the Chinese New Year, which fell earlier this year than the last. The report stated: “it typically falls on February – making year-on-year comparisons harder.”

Macau also recorded that the first two months of 2012 accumulated casino gross gaming revenue reached MOP49.3 billion – roughly $6.1 million –  up by 28.3% year-on-year.

However, the Statistics and Census Service has reported that Macau’s total merchandise exports for January amounted to MOP622 million (US$77.8 million), which was down by 4.7% year-on-year. On the flip side, merchandise iports were up by 16.3% year-on-year, amounting to MOP5.68 billion, meaning Macau’s population are probably buying more luxury goods. As for the merchandise trade deficit for January, that widened by 19.6% year-on-year to MOP5.06 billion.

Macau-based SJM Holdings also announced some positive full-year and Q4 results yesterday, demonstrating a 39% increase in profits. On top of that, the company has also confirmed it is in “advanced” talks with the government regarding its application for the development of a 70,500 square metre area of land in Cotai. In a report by Macau Business, Union Gaming Research Macau analysts said: “We believe that SJM is one of the two Cotai land approvals granted this year if the government makes its decision based on the order in which applications were submitted.”

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