November 2016 will be a month to reckon as casinos across Macau made a whopping 18.8 billion patacas, an equivalent of $2.35 billion. This was an increment of nearly 14 percent from the previous months.
Macau’s returns come as a shocker to state gaming agencies who take a longer time to release their revenue statistics. To him, he had no time to waste but bring up to speed his returns thus bringing Christmas and New Year’s festivities to live.
However, for Macau, it is not surprising because, since February 2014, casinos have recorded a steady gain. Nonetheless, November 2016 is the best of all the four months in a row Macau casinos have recorded increment in its revenue collection.
According to Gaming Inspection and The Coordination Bureau, the main driver of all the revenue in Macau’s kitty was the VIP casino category. Besides, the month of November recorded the highest number of visitors who stopped by Macau. It is even said that approximately 2.7 million visitors toured Macau.
This is even as China’s President Xi Jinping authorized the crackdown of online gambling casinos in Macau in an effort to threaten the licensees to move their business to the mainland. The president fears touring companies that are supporting the casinos in Macau.
Because of the number of visitors traveling to this south coast part of China, the casino business is thriving and the region is stabilizing each day.
The end-year increment in the gambling sector is clearly attracting more investments in Macau. This is happening amid tension between the Chinese authorities and a couple of gambling investors, some of whom have either terminated their business or showing signs of retracting.
The good side is that powerful players in the gambling industry are still intact. One of them is Melco Crown Entertainment who even after the Chinese government is reluctant to release 3 Australian citizens, who are Melco’s biggest shareholders. The three men are held by the Chinese authorities for allegations of gambling malpractices.
Even in this diplomatic row, Melco Entertainment is ready to remain in Macau. Apart from the gambling sector, Lawrence Ho, Melco Entertainment’s CEO said that starting with Macau; the company will establish a chain of hotels spreading them to several other countries in Asia.
In a move seen as a defense of her laws, China formally charged 3 Australian citizens. The three were accused of targeting Chinese tycoons, which is in contravention of China’s People’s Republic law. Click here to read about the 3 Australian Casino Workers Have Been Arrested In China.
One of those held by Chinese authorities is Jason O’Connor, who is in charge of the VIP department, the highest source of revenue.
For two months, Crown Resorts has not come out to say anything on the trio.