Inside Gaming: Macau Up in August, Florida Casinos Close Ahead of Irma

Inside Gaming: Macau Up in August, Florida Casinos Close Ahead of Irma
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Macau gaming revenue growth slows, but still enjoys yet another monthly increase for August.

Florida casinos close ahead of coming Hurricane Irma; Golden Gate reopens on Fremont Street in Vegas.

In this week’s Inside Gaming, Macau’s gaming revenue growth slows a bit though shows yet another monthly increase in August, Florida casinos, race tracks, and poker rooms brace for Hurricane Irma, Nevada regulators look to allow expanded esports betting, and the oldest hotel-casino on Fremont Street reopens.

Macau’s casinos saw a 20.4 percent growth in gross revenue from games of fortune in August, according to the Macau Gaming Inspection and Coordination Bureau. Revenue from the Special Administrative Region’s casinos totaled 22.676 billion patacas or about $2.82 billion USD, up from 18.836 billion patacas ($2.34B) in August 2016.

According to Bloomberg, the increase exceeded many analysts’ estimates after three straight months’ worth of typhoons disrupted operations by causing power outages, affecting water supplies, and forcing the use backup generators.

The most recent of the typhoons, Typhoon Hato, struck in late August causing nearly $1.9 billion worth of damage in Macau and South China and 26 deaths.

The total marks the eighth-straight month of gross revenue increases for Macau gaming. In fact, each of the previous months in 2017 had seen a greater increase than the month before, peaking with a 29.2 percent year-over-year increase in July.

“Revenue from high rollers has driven growth of the gambling hub this year,” explains Bloomberg, adding how Macau’s largest junket operator, Suncity Group, “expects about a 40 percent surge in total bets last month.”

Even so, “casino and junket operators are concerned that China’s efforts to curtail capital outflows eventually will cut into their businesses.” The Chinese government announced in July plans to prohibit and restrict its compaines “from making overseas investments in sectors including the gaming industry, real estate, hotels and entertainment.”

 

Inside Gaming: Macau Up in August, Florida Casinos Close Ahead of Irma | PokerNews

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Started working in the Casino Industry in 1985, just never managed to leave as yet. Visited 99% of all UK Casinos, seen them all,

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