Macau‘s unfloundering resilience continued in October as the record gross gaming revenue figure for the month. The Gaming and Inspection Bureau reported an increase of 3.2 percent to MOP27.7billion, surpassing the previous record of MOP26.85bn last October and giving everyone a reason to have a really, really big party. A debt of gratitude should be paid to the eight-day long Golden Week holiday that secured October 2012 a place in the record books as the promotions set up by casinos attracted an unprecedented number of visitors.
Analysts had predicted more modest growth than what actually materialized and Edwin Fan, a Hong Kong-based analyst at BOC International Group, is quoted by Bloomberg as stating: “The numbers are better than my expectations. That was due to a faster and stronger ramp-up from Sands’ latest property in Cotai.”
What next? Reuters quotes Gabriel Chan, director at Credit Suisse in Hong Kong, as stating that the National Congress of China’s Communist Party on November 8 could create more certainty for Macau’s VIP sector. The congress could see new politicians appointed and that in turn could persuade junkets to resume lending rates after they had cut temporarily cut them due to delays in recouping loans and sluggish demand in the VIP sector.
18-year-olds can no longer enter Macau’s casinos after the age limit was raised. A new law lifting the age limit to 21 came into force today and it includes workers as well as patrons. The regulators will send inspectors out to check that casino employees are carrying out the necessary checks to prevent under-age customers entering the casinos.
Sands China has recruited almost 600 local residents to become dealers at their new Sands Cotai Central venue. The recruitment event saw 1,200 applicants attend with Sands able to offer positions to almost half of those in attendance. Locals are the only people allowed to become dealers and as such casinos are always on the look out for new dealers.