Gross gaming revenues in Macau were down 21.4% in January from a year earlier to 18.67 billion patacas ($2.33b). The figure marks the 20th consecutive month of decline for Macau but the good news is it is lower than the average estimate of a 22% drop from six analysts surveyed by Bloomberg and the range of decline has come out from between 30% and 50% for most of last year.
December’s 21.2% decline was the lowest single-month dip since January 2015’s 17.4% drop.
Also Chinese New Year (CNY) will kick off February 7 to 13, earlier than last year. Historically, Macau gaming revenues decline in the weeks leading up to the New Year holiday and most of the pre-CNY seasonal slowdown would have already been felt in January.
Even casino operator Sands China Ltd. is bullish with the future of Macau gaming despite reporting a 29.3% year-on-year decrease in net profit in the fourth quarter of 2015.