Surging gaming revenues contribute to Macau's 8.2 percent increase in gross domestic product
Judging by the amount Macau’s casinos are winning, it appears the economic downturn largely was erased in the Chinese gambling enclave in the third quarter.
With gaming gross revenues surging by 22.3 percent year over year, the peninsula saw its gross domestic product expand by 8.2 percent in the 12 weeks through September 30, according to a report by China’s Xinhua news agency.
Macau’s casinos reaped 31.8 billion patacas (US$4.1 billion) in gross revenues in the quarter, their highest 12-week total ever, and 83.2 billion patacas (US$10.8 billion) to date, according to the local government’s Gaming Inspection and Coordination Bureau.
Aside from gaming revenues, though, Macau’s other major GDP components registered mixed results in the third quarter.
Private consumption expenditure dropped by 1.2 percent, up from the 2.1 percent decrease in the previous quarter, and household consumption expenditure in the domestic market fell marginally by 0.1 percent, according to figures released by the government’s Statistics and Census Bureau. Decline in total visitor spending, a statistic which excludes gambling spend, tapered significantly from 20.6 percent in the second quarter to 10.2 percent.
In October, visitor arrivals increased by 5.2 percent year over year to over 1.9 million, of which 54.1 percent came from the Chinese mainland.
Casinos reap $4.1B. in Macau's best quarter ever
December 2, 2009