Macau Casinos earn a Record $4.57 Billion in October
Those expecting casino growth to level off in Macau any time soon are severely wrong. After all, the Chinese gambling hub just saw its October casino revenue skyrocket by 32% to $4.57 billion, which is the all-time single-month record.
One aspect that really fueled the strong month included a spike in visitors during the first week of October (Golden Week holiday). Total visitors from October 1st-7th were up by 5.7% to 896,847 people. This spike meant that most of Macau’s hotels were full or nearly full during the Golden Week.
The 896,847 figure doesn’t include the many Macau visitors who stayed at nearby campsites to avoid paying ultra-high hotel fees. And there were a large number of gamblers staying at campsites, considering that the lowest-priced, five-star hotel room on the Cotai Strip was $737 per night.
Thanks to the the most successful month in casino revenue history, Macau casinos have now made $37.2 billion in 2013. This is 18% more than Macau gaming establishments made at this point last year, when they collectively set a casino revenue record with $38 billion.
One big catalyst behind Macau’s booming growth over the years has been VIP gamblers. These people are a big reason why the former Portuguese colony has skyrocketed past Las Vegas and set numerous casino gaming records along the way.
But many Macau casino operators like Melco Crown, Galaxy Entertainment and MGM China fear that VIP gambling could drop off at some point. So they’ve began focusing more on regular visitors in order to keep stability within the market.
It looks like this commitment to non-VIPs has definitely been paying big dividends, given Macau’s record month in October. At the pace that its casinos are currently generating revenue, Macau will likely finish the year with around $44 billion.