It’s not what analysts initially forecasted, but Macau still posted strong revenues in March, earning MOP35.45 billion ($4.4 billion) in gross gambling revenue, according to official figures released by the Gaming Inspection and Coordination Bureau
That number represents a 13.1 percent growth year-on-year. It fell short of initial estimates made by analysts like Sterne Agee, which initially anticipated revenue to increase by as much as 17 percent for the month.
But those expectations tapered off as the month went on, casting doubt on whether Macau’s casinos had what it took to replicate last year’s record-setting numbers. Turns out, the record wasn’t broken – that still belongs to February 2014’s MOP38 billion earnings – but it was enough to clear last March’s MOP31.4 billion tally and come close to October 2013’s MOP36.5 billion haul
It came really close and a few more high-rollers here and there could have toppled October 2013’s figures, but in any event, it still represents a nice growth in revenue that has come pretty easily for Macau’s casinos these days.
In the first three months of 2014, Macau has already posted MOP102.2 billion in gross gambling revenue, 19.8 percent better than its numbers compared to the first three months of last year. More importantly at least from a comparison point of view, Macau’s January to March revenue converts to $12.8 billion based on current exchange rates, more than what Nevada earned last year.
The continuing upswing in earnings has also translated into more riches for all of Macau’s casino operators. All six operators posted gains in the stocks, headlined by Sands China’s shares jumping 10 percent. Galaxy Entertainment was close at 8.6 percent, followed by Wynn Macau, which saw its shares go up 8 percent. Shares of SJM Holdings weren’t far behind, either, jumping 6 percent while Melco Crown gained 5 percent.