Revenue for Macau’s gambling industry rose by a modest 7.3 percent in May as the lack of high stakes gamblers continue to bite. The figures released by the Gaming Inspection and Coordination Bureau show that revenue hit MOP26.1 billion in May, up from MOP24.3 billion a year ago. The level of growth is at its lowest since July 2009 and won’t be too much of a worry to firms in the enclave. That’s because the figure itself was the second largest ever for a month and the growth percentage is likely to rebound next month. This means that yes, Macau, you can still call yourself the Grand Daddy.
Sands China has given up on its appeal to win the rights to two plots of land on Macau’s Cotai Strip. In a statement to the Hong Kong Stock Exchange they confirmed the US$101.1 million in costs were all for nothing as the January 2011 decision stands. It comes after Sands Cotai Central’s opening in April and it remains to be seen what their next move will be or if they end up expanding in Cotai at all.
Macau’s gross domestic product (GDP) posted growth of 18.4 percent in the first quarter of 2012. The Statistics and Census Bureau reported that gaming, new investment and a low figure the year before contributed to the increase. Gaming services exports rose 19.6 percent and the spending by visitors, excluding on gambling, rose 21.2 percent compared to the year before. Investment in the region also rose 43.8 percent.