Casino gaming revenue in Macau rose to a two-year high in February as the industry recovers from a two-year slump linked to corruption crackdown in mainland China.
The world’s largest gambling hub reported February revenue from games of fortune at 23bn patacas ($2.88bn), up 17.8 per cent year on year and its highest since January 2015.
Macau’s largest industry has been hit by an anti-corruption campaign launched by Chinese President Xi Jinping that scared away the high rollers. The city’s casino operators have turned their attention to mass market gamers with the opening of new resorts in late 2016.
Shares in Hong Kong-listed Macau casino operators were up in afternoon trading with Galaxy Entertainment’s stock up 4.7 per cent while Sands China was up 3.2 per cent. The benchmark Hang Seng index was up 0.1 per cent.
Galaxy Entertainment yesterday reported net profit for 2016 rose 51 per cent to HK$6.28bn ($800 million) beating estimates as the business changed its focus to the mass market and non-gaming.