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Macau Casinos seems to be on a roll, as March once again brought more than $4 billion in gaming revenues to the gaming paradise. It was expected that the market would slow down in Macau in March, due to the Chinese new year being over, but instead the revenues went up. The gaming revenue went up a total of 13.1% in March and marks the second month straight of $4 billion+ revenues and the third month out of the last six.
The March revenues were the third highest ever recorded in Macau, with the highest being in February with $4.8 billion and the second highest in October last year with $4.6 billion in gaming revenues. Steven Wieczynski, Gaming Analyst for Stifel Nicolaus Capital Markets said that investors believed that March would be very slow, as February broke all records for gaming revenue.
“We got the feeling investors were placing far too much emphasis on the weekly numbers coming out of Macau, effectively detracting from what remains an overly attractive long-term growth story, in our view,” Wieczynski said.
The first three months of 2014 has brought an increase in revenues of almost 20% compared to the first three months of 2013. 2013 was also the year that gaming revenues hit a record high with $45.2 billion for the year, but it looks like 2014 may become a better year for the casinos and investors.
“Macau gaming trends are still strong across all relevant segments despite recent macro China fears, as well as concerns on various growth drivers,” Grant Govertsen, Union Gaming Group Analyst said and added; “To date we are not seeing any indications that Macau’s gaming industry is experiencing any such related weakness.”
It will be interesting to see if the gaming revenue trends will continue in April or if it will slow down after the massive bullish tendency the market had lately.